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Sample records for american put options

  1. A Call-Put Duality for Perpetual American Options

    OpenAIRE

    Alfonsi, Aurélien; Jourdain, Benjamin

    2006-01-01

    International audience; It is well known that in models with time-homogeneous local volatility functions and constant interest and dividend rates, the European Put prices are transformed into European Call prices by the simultaneous exchanges of the interest and dividend rates and of the strike and spot price of the underlying. This paper investigates such a Call Put duality for perpetual American options. It turns out that the perpetual American Put price is equal to the perpetual American C...

  2. The Perpetual American Put Option for Jump-Diffusions

    OpenAIRE

    Aase, Knut K.

    2010-01-01

    -This is the author's version of the article"The Perpetual American Put Option for Jump-Diffusions" Energy Systems pp 493-507. We solve a specific optimal stopping problem with an infinite time horizon, when the state variable follows a jump-diffusion. The novelty of the paper is related to the inclusion of a jump component in this stochastic process. Under certain conditions, our solution can be interpreted as the price of an American perpetual put option. We characterize the continuation...

  3. A note on the pricing of the perpetual American capped power put option

    OpenAIRE

    Sakagami, Yoshitaka

    2012-01-01

    We give an explicit solution to the perpetual American capped power put option pricing problem in the Black-Scholes-Merton Model. The approach is mainly based on free-boundary formulation and verification. For completeness we also give an explicit solution to the perpetual American standard power (≥1) option pricing problem.

  4. Perpetual American put options in a level-dependent volatility model

    OpenAIRE

    Ekström, Erik

    2003-01-01

    We find the explicit value of perpetual American put options in the constant elasticity of variance model using the concept of smooth fit. We show that the price is increasing in the volatility and convex in the underlying stock price. Moreover, as the model converges to the standard Black and Scholes model, the value of the put is shown to approach the `correct' limit.

  5. Regularity of the exercise boundary for American put options on assets with discrete dividends

    NARCIS (Netherlands)

    Jourdain, B.; Vellekoop, M.

    2009-01-01

    We analyze the regularity of the optimal exercise boundary for the American Put option when the underlying asset pays a discrete dividend at a known time td during the lifetime of the option. The ex-dividend asset price process is assumed to follow Black-Scholes dynamics and the dividend amount is a

  6. The perpetual American put option for jump-diffusions with applications

    OpenAIRE

    Aase, Knut K.

    2005-01-01

    In this paper, we solve an optimal stopping problem with an infinite time horizon, when the state variable follows a jump-diffusion. Under certain conditions our solution can be interpreted as the price of an American perpetual put option, when the underlying asset follows this type of process. We present several examples demonstrating when the solution can be interpreted as a perpetual put price. This takes us into a study of how to risk adjust jump-diffusions. One key observatio...

  7. On the Perpetual American Put Options for Level Dependent Volatility Models with Jumps

    OpenAIRE

    Bayraktar, Erhan

    2007-01-01

    We prove that the perpetual American put option price of level dependent volatility model with compound Poisson jumps is convex and is the classical solution of its associated quasi-variational inequality, that it is $C^2$ except at the stopping boundary and that it is $C^1$ everywhere (i.e. the smooth pasting condition always holds).

  8. Adaptive algorithm for solution of early exercise boundary problem of American put option implemented in Mathematica

    Directory of Open Access Journals (Sweden)

    Lukáš Ladislav

    2017-01-01

    Full Text Available The paper is focused on American option pricing problem. Assuming non-dividend paying American put option leads to two disjunctive regions, a continuation one and a stopping one, which are separated by an early exercise boundary. We present variational formulation of American option problem with special attention to early exercise action effect. Next, we discuss financially motivated additive decomposition of American option price into a European option price and another part due to the extra premium required by early exercising the option contract. As the optimal exercise boundary is a free boundary, its determination is coupled with the determination of the option price. Therefore, a closed-form expression of the free boundary is not attainable in general. We discuss in detail a derivation of an asymptotic expression of the early exercise boundary. Finally, we present some numerical results of determination of free boundary based upon this approach. All computations are performed by sw Mathematica, and suitable numerical procedure is discussed in detail, as well.

  9. Performance of some numerical Laplace inversion methods on American put option formula

    Science.gov (United States)

    Octaviano, I.; Yuniar, A. R.; Anisa, L.; Surjanto, S. D.; Putri, E. R. M.

    2018-03-01

    Numerical inversion approaches of Laplace transform is used to obtain a semianalytic solution. Some of the mathematical inversion methods such as Durbin-Crump, Widder, and Papoulis can be used to calculate American put options through the optimal exercise price in the Laplace space. The comparison of methods on some simple functions is aimed to know the accuracy and parameters which used in the calculation of American put options. The result obtained is the performance of each method regarding accuracy and computational speed. The Durbin-Crump method has an average error relative of 2.006e-004 with computational speed of 0.04871 seconds, the Widder method has an average error relative of 0.0048 with computational speed of 3.100181 seconds, and the Papoulis method has an average error relative of 9.8558e-004 with computational speed of 0.020793 seconds.

  10. Pricing of American Put Option under a Jump Diffusion Process with Stochastic Volatility in an Incomplete Market

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    Shuang Li

    2014-01-01

    Full Text Available We study the pricing of American options in an incomplete market in which the dynamics of the underlying risky asset is driven by a jump diffusion process with stochastic volatility. By employing a risk-minimization criterion, we obtain the Radon-Nikodym derivative for the minimal martingale measure and consequently a linear complementarity problem (LCP for American option price. An iterative method is then established to solve the LCP problem for American put option price. Our numerical results show that the model and numerical scheme are robust in capturing the feature of incomplete finance market, particularly the influence of market volatility on the price of American options.

  11. A fast numerical method for the valuation of American lookback put options

    Science.gov (United States)

    Song, Haiming; Zhang, Qi; Zhang, Ran

    2015-10-01

    A fast and efficient numerical method is proposed and analyzed for the valuation of American lookback options. American lookback option pricing problem is essentially a two-dimensional unbounded nonlinear parabolic problem. We reformulate it into a two-dimensional parabolic linear complementary problem (LCP) on an unbounded domain. The numeraire transformation and domain truncation technique are employed to convert the two-dimensional unbounded LCP into a one-dimensional bounded one. Furthermore, the variational inequality (VI) form corresponding to the one-dimensional bounded LCP is obtained skillfully by some discussions. The resulting bounded VI is discretized by a finite element method. Meanwhile, the stability of the semi-discrete solution and the symmetric positive definiteness of the full-discrete matrix are established for the bounded VI. The discretized VI related to options is solved by a projection and contraction method. Numerical experiments are conducted to test the performance of the proposed method.

  12. Valuation for an American Continuous-Installment Put Option on Bond under Vasicek Interest Rate Model

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    Guoan Huang

    2009-01-01

    of the price of this option, integral representations of both the optimal stopping and exercise boundaries are derived. A numerical method is used to approximate the optimal stopping and exercise boundaries by quadrature formulas. Numerical results and discussions are provided.

  13. Perpetual Cancellable American Call Option

    OpenAIRE

    Emmerling, Thomas J.

    2010-01-01

    This paper examines the valuation of a generalized American-style option known as a Game-style call option in an infinite time horizon setting. The specifications of this contract allow the writer to terminate the call option at any point in time for a fixed penalty amount paid directly to the holder. Valuation of a perpetual Game-style put option was addressed by Kyprianou (2004) in a Black-Scholes setting on a non-dividend paying asset. Here, we undertake a similar analysis for the perpetua...

  14. General Duality for Perpetual American Options

    OpenAIRE

    Alfonsi, Aurélien; Jourdain, Benjamin

    2006-01-01

    In this paper, we investigate the generalization of the Call-Put duality equality obtained in Alfonsi and Jourdain (preprint, 2006, available at ) for perpetual American options when the Call-Put payoff (y - x)+ is replaced by ϕ(x,y). It turns out that the duality still holds under monotonicity and concavity assumptions on ϕ. The specific analytical form of the Call-Put payoff only makes calculations easier but is not crucial unlike in the derivation of the Call-Put duality equality for Europ...

  15. Pricing American and Asian Options

    OpenAIRE

    Pat Muldowney

    2015-01-01

    An analytic method for pricing American call options is provided; followed by an empirical method for pricing Asian call options. The methodology is the pricing theory presented in "A Modern Theory of Random Variation", by Patrick Muldowney, 2012.

  16. Carbon dioxide removal and tradeable put options at scale

    Science.gov (United States)

    Lockley, Andrew; Coffman, D.’Maris

    2018-05-01

    Options are derivative contracts that give the purchaser the right to buy (call options) or sell (put options) a given underlying asset at a particular price at a future date. The purchaser of a put option may exercise the right to sell the asset to the issuer at any point in the future before the expiration of the contract. These rights may be contracted directly between two parties (i.e. over-the-counter), or may be sold publicly on formal exchanges, such as the Chicago Board Options Exchange. If the latter, they are called tradeable put options (TPOs) because they can be bought and sold by third-parties via a secondary market. The World Bank has a Pilot Auction Facility for methane and carbon mediation which uses TPOs in carbon-relevant markets, giving producers (of e.g. forest restoration) a floor price for their product [1]. This enables long-term producer planning. We discuss the potentially broader use of these options contracts in carbon dioxide removal (CDR) markets generally and at scale. We conclude that they can, if priced correctly, encourage rapid investment both in CDR technology and in operational capacity. TPOs could do this without creating the same type of systemic risk associated with other instruments (e.g. long-dated futures). Nevertheless, the widespread use of such instruments potentially creates novel risks. These include the political risk of premature closure [2] (conventionally rendered as ‘counting your chickens before they are hatched’) and the economic risk of overpaying for carbon removal services. These instruments require careful structuring, and do not inoculate the CDR market against regulatory disruption, or political pressure. Accordingly, we note the potential for the development of TPO markets in CDR, but we urge caution in respect of identified risks.

  17. Perpetual American options within CTRWs

    Science.gov (United States)

    Montero, Miquel

    2008-06-01

    Continuous-time random walks are a well suited tool for the description of market behaviour at the smallest scale: the tick-to-tick evolution. We will apply this kind of market model to the valuation of perpetual American options: derivatives with no maturity that can be exercised at any time. Our approach leads to option prices that fulfill financial formulas when canonical assumptions on the dynamics governing the process are made, but it is still suitable for more exotic market conditions.

  18. Perpetual American options within CTRW's

    OpenAIRE

    Montero, Miquel

    2007-01-01

    Continuous-time random walks are a well suited tool for the description of market behaviour at the smallest scale: the tick-to-tick evolution. We will apply this kind of market model to the valuation of perpetual American options: derivatives with no maturity that can be exercised at any time. Our approach leads to option prices that fulfil financial formulas when canonical assumptions on the dynamics governing the process are made, but it is still suitable for more exotic market conditions.

  19. American options under stochastic volatility

    NARCIS (Netherlands)

    Chockalingam, A.; Muthuraman, K.

    2011-01-01

    The problem of pricing an American option written on an underlying asset with constant price volatility has been studied extensively in literature. Real-world data, however, demonstrate that volatility is not constant, and stochastic volatility models are used to account for dynamic volatility

  20. The implication of missing the optimal-exercise time of an American option

    NARCIS (Netherlands)

    Chockalingam, A.; Feng, H.

    2015-01-01

    The optimal-exercise policy of an American option dictates when the option should be exercised. In this paper, we consider the implications of missing the optimal exercise time of an American option. For the put option, this means holding the option until it is deeper in-the-money when the optimal

  1. Analytic American Option Pricing and Applications

    NARCIS (Netherlands)

    Sbuelz, A.

    2003-01-01

    I use a convenient value breakdown in order to obtain analytic solutions for finitematurity American option prices.Such a barrier-option-based breakdown yields an analytic lower bound for the American option price, which is as price-tight as the Barone-Adesi and Whaley (1987) analytic value proxy

  2. Bounds for the American perpetual put on a stock index

    OpenAIRE

    Paulsen, V.

    2001-01-01

    Let us consider n stocks with dependent price processes each following a geometric Brownian motion. We want to investigate the American perpetual put on an index of those stocks. We will provide inner and outer boundaries for its early exercise region by using a decomposition technique for optimal stopping.

  3. Analytic American Option Pricing and Applications

    OpenAIRE

    Sbuelz, A.

    2003-01-01

    I use a convenient value breakdown in order to obtain analytic solutions for finitematurity American option prices.Such a barrier-option-based breakdown yields an analytic lower bound for the American option price, which is as price-tight as the Barone-Adesi and Whaley (1987) analytic value proxy for short and medium maturities and exhibits good convergence to the Merton (1973) perpetual option price for large maturities.

  4. The Early Exercise Premium Representation for American Options on Multiply Assets

    International Nuclear Information System (INIS)

    Klimsiak, Tomasz; Rozkosz, Andrzej

    2016-01-01

    In the paper we consider the problem of valuation of American options written on dividend-paying assets whose price dynamics follow the classical multidimensional Black and Scholes model. We provide a general early exercise premium representation formula for options with payoff functions which are convex or satisfy mild regularity assumptions. Examples include index options, spread options, call on max options, put on min options, multiply strike options and power-product options. In the proof of the formula we exploit close connections between the optimal stopping problems associated with valuation of American options, obstacle problems and reflected backward stochastic differential equations

  5. Choosing put option parameters based on quantiles from the distribution of portfolio value

    OpenAIRE

    Bell, Peter Newton

    2014-01-01

    This paper explores how a put option changes the probability distribution of portfolio value. The paper extends the model introduced in Bell (2014) by allowing both the quantity and strike price to vary. I use the 5% quantile from the portfolio distribution to measure riskiness and compare different put options. I report a so-called ‘quantile surface’ that shows the quantile across different combinations of quantity and strike price. I find that it is possible to maximize the quantile by ...

  6. How Does Pricing of Day-ahead Electricity Market Affect Put Option Pricing?

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    H. Raouf Sheybani

    2016-09-01

    Full Text Available In this paper, impacts of day-ahead market pricing on behavior of producers and consumers in option and day-ahead markets and on option pricing are studied. To this end, two comprehensive equilibrium models for joint put option and day-ahead markets under pay-as-bid and uniform pricing in day-ahead market are presented, respectively. Interaction between put option and day-ahead markets, uncertainty in fuel price, day-ahead market pricing, and elasticity of consumers to strike price, premium price, and day-ahead price are taken into account in these models. By applying the presented models to a test system impact of day-ahead market pricing on equilibrium of joint put option and day-ahead markets are studied.

  7. Monte Carlo Simulation of an American Option

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    Gikiri Thuo

    2007-04-01

    Full Text Available We implement gradient estimation techniques for sensitivity analysis of option pricing which can be efficiently employed in Monte Carlo simulation. Using these techniques we can simultaneously obtain an estimate of the option value together with the estimates of sensitivities of the option value to various parameters of the model. After deriving the gradient estimates we incorporate them in an iterative stochastic approximation algorithm for pricing an option with early exercise features. We illustrate the procedure using an example of an American call option with a single dividend that is analytically tractable. In particular we incorporate estimates for the gradient with respect to the early exercise threshold level.

  8. American option pricing with stochastic volatility processes

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    Ping LI

    2017-12-01

    Full Text Available In order to solve the problem of option pricing more perfectly, the option pricing problem with Heston stochastic volatility model is considered. The optimal implementation boundary of American option and the conditions for its early execution are analyzed and discussed. In view of the fact that there is no analytical American option pricing formula, through the space discretization parameters, the stochastic partial differential equation satisfied by American options with Heston stochastic volatility is transformed into the corresponding differential equations, and then using high order compact finite difference method, numerical solutions are obtained for the option price. The numerical experiments are carried out to verify the theoretical results and simulation. The two kinds of optimal exercise boundaries under the conditions of the constant volatility and the stochastic volatility are compared, and the results show that the optimal exercise boundary also has stochastic volatility. Under the setting of parameters, the behavior and the nature of volatility are analyzed, the volatility curve is simulated, the calculation results of high order compact difference method are compared, and the numerical option solution is obtained, so that the method is verified. The research result provides reference for solving the problems of option pricing under stochastic volatility such as multiple underlying asset option pricing and barrier option pricing.

  9. First Passage Time for Tempered Stable Process and Its Application to Perpetual American Option and Barrier Option Pricing

    OpenAIRE

    Kim, Young Shin

    2018-01-01

    In this paper, we will discuss an approximation of the characteristic function of the first passage time for a Levy process using the martingale approach. The characteristic function of the first passage time of the tempered stable process is provided explicitly or by an indirect numerical method. This will be applied to the perpetual American option pricing and the barrier option pricing. Numerical illustrations are provided for the calibrated parameters using the market call and put prices.

  10. Valuing put options on single stock futures: Does the put-call parity relationship hold in the South African derivatives market?

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    A Biebuyck

    2014-12-01

    Full Text Available This study attempts to determine whether mispricing of options on single stock futures is present in the South African derivatives market. The valuation of options on single stock futures is considered through the put-call parity relationship. The theoretical fair values obtained, are compared to the actual market values over a period of three years, that is, from 2009 to 2011. Only put options are considered in this research.The results show that arbitrage put option opportunities do present themselves for the chosen shares. The actual put options were found to be underpriced in 5 out of 6 (83% of the cases considered over the evaluation periods chosen. The mispricing was significant for both the BHP Billiton options with 100% and in the case of Sasol options (66% of the time. Whether profitable arbitrage opportunities is possible, will depend on the magnitude of the mispricing and the transaction fees payable. Further, more extensive research may help identify tendencies which may be of use for the formulation of arbitrage strategies

  11. On perpetual American put valuation and first-passage in a regime-switching model with jumps

    OpenAIRE

    Jiang, Z.; Pistorius, M. R.

    2008-01-01

    In this paper we consider the problem of pricing a perpetual American put option in an exponential regime-switching L\\'{e}vy model. For the case of the (dense) class of phase-type jumps and finitely many regimes we derive an explicit expression for the value function. The solution of the corresponding first passage problem under a state-dependent level rests on a path transformation and a new matrix Wiener-Hopf factorization result for this class of processes.

  12. Report on "American Option Pricing and Hedging Strategies"

    OpenAIRE

    Zhang, Jinshan

    2007-01-01

    This paper mainly discusses the American option's hedging strategies via binomialmodel and the basic idea of pricing and hedging American option. Although the essential scheme of hedging is almost the same as European option, small differences may arise when simulating the process for American option holder has more rights, spelling that the option can be exercised at anytime before its maturity. Our method is dynamic-hedging method.

  13. An approximate moving boundary method for American option pricing

    NARCIS (Netherlands)

    Chockalingam, A.; Muthuraman, K.

    2015-01-01

    We present a method to solve the free-boundary problem that arises in the pricing of classical American options. Such free-boundary problems arise when one attempts to solve optimal-stopping problems set in continuous time. American option pricing is one of the most popular optimal-stopping problems

  14. Irregular grid methods for pricing high-dimensional American options

    NARCIS (Netherlands)

    Berridge, S.J.

    2004-01-01

    This thesis proposes and studies numerical methods for pricing high-dimensional American options; important examples being basket options, Bermudan swaptions and real options. Four new methods are presented and analysed, both in terms of their application to various test problems, and in terms of

  15. Pricing perpetual American options under multiscale stochastic elasticity of variance

    International Nuclear Information System (INIS)

    Yoon, Ji-Hun

    2015-01-01

    Highlights: • We study the effects of the stochastic elasticity of variance on perpetual American option. • Our SEV model consists of a fast mean-reverting factor and a slow mean-revering factor. • A slow scale factor has a very significant impact on the option price. • We analyze option price structures through the market prices of elasticity risk. - Abstract: This paper studies pricing the perpetual American options under a constant elasticity of variance type of underlying asset price model where the constant elasticity is replaced by a fast mean-reverting Ornstein–Ulenbeck process and a slowly varying diffusion process. By using a multiscale asymptotic analysis, we find the impact of the stochastic elasticity of variance on the option prices and the optimal exercise prices with respect to model parameters. Our results enhance the existing option price structures in view of flexibility and applicability through the market prices of elasticity risk

  16. Control Variates for Monte Carlo Valuation of American Options

    DEFF Research Database (Denmark)

    Rasmussen, Nicki S.

    2005-01-01

    This paper considers two applications of control variates to the Monte Carlo valuation of American options. The main contribution of the paper lies in the particular choice of a control variate for American or Bermudan options. It is shown that for any martingale process used as a control variate...... technique is used for improving the least-squares Monte Carlo (LSM) approach for determining exercise strategies. The suggestions made allow for more efficient estimation of the continuation value, used in determining the strategy. An additional suggestion is made in order to improve the stability...

  17. Implied Stopping Rules for American Basket Options from Markovian Projection

    KAUST Repository

    Bayer, Christian; Hä ppö lä , Juho; Tempone, Raul

    2017-01-01

    This work addresses the problem of pricing American basket options in a multivariate setting, which includes among others, the Bachelier and the Black-Scholes models. In high dimensions, nonlinear partial differential equation methods for solving the problem become prohibitively costly due to the curse of dimensionality. Instead, this work proposes to use a stopping rule that depends on the dynamics of a low-dimensional Markovian projection of the given basket of assets. It is shown that the ability to approximate the original value function by a lower-dimensional approximation is a feature of the dynamics of the system and is unaffected by the path-dependent nature of the American basket option. Assuming that we know the density of the forward process and using the Laplace approximation, we first efficiently evaluate the diffusion coefficient corresponding to the low-dimensional Markovian projection of the basket. Then, we approximate the optimal early-exercise boundary of the option by solving a Hamilton-Jacobi-Bellman partial differential equation in the projected, low-dimensional space. The resulting near-optimal early-exercise boundary is used to produce an exercise strategy for the high-dimensional option, thereby providing a lower bound for the price of the American basket option. A corresponding upper bound is also provided. These bounds allow to assess the accuracy of the proposed pricing method. Indeed, our approximate early-exercise strategy provides a straightforward lower bound for the American basket option price. Following a duality argument due to Rogers, we derive a corresponding upper bound solving only the low-dimensional optimal control problem. Numerically, we show the feasibility of the method using baskets with dimensions up to fifty. In these examples, the resulting option price relative errors are only of the order of few percent.

  18. Implied Stopping Rules for American Basket Options from Markovian Projection

    KAUST Repository

    Bayer, Christian

    2017-05-01

    This work addresses the problem of pricing American basket options in a multivariate setting, which includes among others, the Bachelier and the Black-Scholes models. In high dimensions, nonlinear partial differential equation methods for solving the problem become prohibitively costly due to the curse of dimensionality. Instead, this work proposes to use a stopping rule that depends on the dynamics of a low-dimensional Markovian projection of the given basket of assets. It is shown that the ability to approximate the original value function by a lower-dimensional approximation is a feature of the dynamics of the system and is unaffected by the path-dependent nature of the American basket option. Assuming that we know the density of the forward process and using the Laplace approximation, we first efficiently evaluate the diffusion coefficient corresponding to the low-dimensional Markovian projection of the basket. Then, we approximate the optimal early-exercise boundary of the option by solving a Hamilton-Jacobi-Bellman partial differential equation in the projected, low-dimensional space. The resulting near-optimal early-exercise boundary is used to produce an exercise strategy for the high-dimensional option, thereby providing a lower bound for the price of the American basket option. A corresponding upper bound is also provided. These bounds allow to assess the accuracy of the proposed pricing method. Indeed, our approximate early-exercise strategy provides a straightforward lower bound for the American basket option price. Following a duality argument due to Rogers, we derive a corresponding upper bound solving only the low-dimensional optimal control problem. Numerically, we show the feasibility of the method using baskets with dimensions up to fifty. In these examples, the resulting option price relative errors are only of the order of few percent.

  19. A comparison principle for an American option on several assets: Index and spread options

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    Peter Laurence

    2003-07-01

    Full Text Available Using the method of symmetrization, we compare the price of the American option on an index or spread to that of the solution of a parabolic variational inequality in one spatial variable. This comparison principle is established for a broad class of diffusion operators with time and state dependent coefficients. The purpose is to take a first step towards deriving symmmetrized problems whose solutions bound solutions of multidimensional American option problems with variable coefficients when the computation of the latter lies beyond the scope of the most powerful numerical methods.

  20. An iterative two-step algorithm for American option pricing

    Czech Academy of Sciences Publication Activity Database

    Siddiqi, A. H.; Manchanda, P.; Kočvara, Michal

    2000-01-01

    Roč. 11, č. 2 (2000), s. 71-84 ISSN 0953-0061 R&D Projects: GA AV ČR IAA1075707 Institutional research plan: AV0Z1075907 Keywords : American option pricing * linear complementarity * iterative methods Subject RIV: AH - Economics

  1. Pricing High-Dimensional American Options Using Local Consistency Conditions

    NARCIS (Netherlands)

    Berridge, S.J.; Schumacher, J.M.

    2004-01-01

    We investigate a new method for pricing high-dimensional American options. The method is of finite difference type but is also related to Monte Carlo techniques in that it involves a representative sampling of the underlying variables.An approximating Markov chain is built using this sampling and

  2. Canonical Least-Squares Monte Carlo Valuation of American Options: Convergence and Empirical Pricing Analysis

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    Xisheng Yu

    2014-01-01

    Full Text Available The paper by Liu (2010 introduces a method termed the canonical least-squares Monte Carlo (CLM which combines a martingale-constrained entropy model and a least-squares Monte Carlo algorithm to price American options. In this paper, we first provide the convergence results of CLM and numerically examine the convergence properties. Then, the comparative analysis is empirically conducted using a large sample of the S&P 100 Index (OEX puts and IBM puts. The results on the convergence show that choosing the shifted Legendre polynomials with four regressors is more appropriate considering the pricing accuracy and the computational cost. With this choice, CLM method is empirically demonstrated to be superior to the benchmark methods of binominal tree and finite difference with historical volatilities.

  3. Valuation of American Call Option Considering Uncertain Volatility

    Czech Academy of Sciences Publication Activity Database

    Hlaváček, Ivan

    2010-01-01

    Roč. 2, č. 2 (2010), s. 211-221 ISSN 2070-0733 R&D Projects: GA AV ČR(CZ) IAA100190803 Institutional research plan: CEZ:AV0Z10190503 Keywords : American options * parabolic variational inequality * uncertain parameter Subject RIV: BA - General Mathematics Impact factor: 0.510, year: 2010 http://www.global-sci.org/aamm/readabs.php?vol=2&no=2&doc=211&year=2010&ppage=221

  4. Adaptive [theta]-methods for pricing American options

    Science.gov (United States)

    Khaliq, Abdul Q. M.; Voss, David A.; Kazmi, Kamran

    2008-12-01

    We develop adaptive [theta]-methods for solving the Black-Scholes PDE for American options. By adding a small, continuous term, the Black-Scholes PDE becomes an advection-diffusion-reaction equation on a fixed spatial domain. Standard implementation of [theta]-methods would require a Newton-type iterative procedure at each time step thereby increasing the computational complexity of the methods. Our linearly implicit approach avoids such complications. We establish a general framework under which [theta]-methods satisfy a discrete version of the positivity constraint characteristic of American options, and numerically demonstrate the sensitivity of the constraint. The positivity results are established for the single-asset and independent two-asset models. In addition, we have incorporated and analyzed an adaptive time-step control strategy to increase the computational efficiency. Numerical experiments are presented for one- and two-asset American options, using adaptive exponential splitting for two-asset problems. The approach is compared with an iterative solution of the two-asset problem in terms of computational efficiency.

  5. Options with Extreme Strikes

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    Lingjiong Zhu

    2015-07-01

    Full Text Available In this short paper, we study the asymptotics for the price of call options for very large strikes and put options for very small strikes. The stock price is assumed to follow the Black–Scholes models. We analyze European, Asian, American, Parisian and perpetual options and conclude that the tail asymptotics for these option types fall into four scenarios.

  6. The American Foreign Exchange Option in Time-Dependent One-Dimensional Diffusion Model for Exchange Rate

    International Nuclear Information System (INIS)

    Rehman, Nasir; Shashiashvili, Malkhaz

    2009-01-01

    The classical Garman-Kohlhagen model for the currency exchange assumes that the domestic and foreign currency risk-free interest rates are constant and the exchange rate follows a log-normal diffusion process.In this paper we consider the general case, when exchange rate evolves according to arbitrary one-dimensional diffusion process with local volatility that is the function of time and the current exchange rate and where the domestic and foreign currency risk-free interest rates may be arbitrary continuous functions of time. First non-trivial problem we encounter in time-dependent case is the continuity in time argument of the value function of the American put option and the regularity properties of the optimal exercise boundary. We establish these properties based on systematic use of the monotonicity in volatility for the value functions of the American as well as European options with convex payoffs together with the Dynamic Programming Principle and we obtain certain type of comparison result for the value functions and corresponding exercise boundaries for the American puts with different strikes, maturities and volatilities.Starting from the latter fact that the optimal exercise boundary curve is left continuous with right-hand limits we give a mathematically rigorous and transparent derivation of the significant early exercise premium representation for the value function of the American foreign exchange put option as the sum of the European put option value function and the early exercise premium.The proof essentially relies on the particular property of the stochastic integral with respect to arbitrary continuous semimartingale over the predictable subsets of its zeros. We derive from the latter the nonlinear integral equation for the optimal exercise boundary which can be studied by numerical methods

  7. Bounds for perpetual American option prices in a jump diffusion model

    OpenAIRE

    Ekström, Erik

    2006-01-01

    We provide bounds for perpetual American option prices in a jump diffusion model in terms of American option prices in the standard Black-Scholes model. We also investigate the dependence of the bounds on different parameters of the model.

  8. Numerically pricing American options under the generalized mixed fractional Brownian motion model

    Science.gov (United States)

    Chen, Wenting; Yan, Bowen; Lian, Guanghua; Zhang, Ying

    2016-06-01

    In this paper, we introduce a robust numerical method, based on the upwind scheme, for the pricing of American puts under the generalized mixed fractional Brownian motion (GMFBM) model. By using portfolio analysis and applying the Wick-Itô formula, a partial differential equation (PDE) governing the prices of vanilla options under the GMFBM is successfully derived for the first time. Based on this, we formulate the pricing of American puts under the current model as a linear complementarity problem (LCP). Unlike the classical Black-Scholes (B-S) model or the generalized B-S model discussed in Cen and Le (2011), the newly obtained LCP under the GMFBM model is difficult to be solved accurately because of the numerical instability which results from the degeneration of the governing PDE as time approaches zero. To overcome this difficulty, a numerical approach based on the upwind scheme is adopted. It is shown that the coefficient matrix of the current method is an M-matrix, which ensures its stability in the maximum-norm sense. Remarkably, we have managed to provide a sharp theoretic error estimate for the current method, which is further verified numerically. The results of various numerical experiments also suggest that this new approach is quite accurate, and can be easily extended to price other types of financial derivatives with an American-style exercise feature under the GMFBM model.

  9. Volatility and dividend risk in perpetual American options

    Science.gov (United States)

    Montero, Miquel

    2007-04-01

    American options are financial instruments that can be exercised at any time before expiration. In this paper we study the problem of pricing this kind of derivatives within a framework in which some of the properties—volatility and dividend policy—of the underlaying stock can change at a random instant of time, but in such a way that we can forecast their final values. Under this assumption we can model actual market conditions because some of the most relevant facts that may potentially affect a firm will entail sharp predictable effects. We will analyse the consequences of this potential risk on perpetual American derivatives, a topic connected with a wide class of recurrent problems in physics: holders of American options must look for the fair price and the optimal exercise strategy at once, a typical question of free absorbing boundaries. We present explicit solutions to the most common contract specifications and derive analytical expressions concerning the mean and higher moments of the exercise time.

  10. Analytic solution for American strangle options using Laplace-Carson transforms

    Science.gov (United States)

    Kang, Myungjoo; Jeon, Junkee; Han, Heejae; Lee, Somin

    2017-06-01

    A strangle has been important strategy for options when the trader believes there will be a large movement in the underlying asset but are uncertain of which way the movement will be. In this paper, we derive analytic formula for the price of American strangle options. American strangle options can be mathematically formulated into the free boundary problems involving two early exercise boundaries. By using Laplace-Carson Transform(LCT), we can derive the nonlinear system of equations satisfied by the transformed value of two free boundaries. We then solve this nonlinear system using Newton's method and finally get the free boundaries and option values using numerical Laplace inversion techniques. We also derive the Greeks for the American strangle options as well as the value of perpetual American strangle options. Furthermore, we present various graphs for the free boundaries and option values according to the change of parameters.

  11. Valuing call options on single stock futures: Does the put-call parity relationship hold in the South African derivatives market?

    Directory of Open Access Journals (Sweden)

    Biebuyck, A.

    2014-09-01

    Full Text Available Research has shown that violations of put-call parity do occur and that these violations present an investor with opportunities to profit from arbitrage deals. Mispricing may lead to significant superior returns and maximisation of shareholders’ wealth if found and acted upon in a timely manner. This study attempts to determine whether this mispricing of financial derivatives is present in the South African derivatives market. This will be achieved through the valuation of options on single stock futures using the put-call parity relationship. The theoretical fair values obtained, is compared to the actual market values over a period of three years, that is, from 2009 to 2011. The results show that arbitrage opportunities do present themselves for the chosen shares. Further research may involve more shares over a longer period to determine whether any pattern may exist which may form the basis of an arbitrage trading strategy

  12. Pricing American Asian options with higher moments in the underlying distribution

    Science.gov (United States)

    Lo, Keng-Hsin; Wang, Kehluh; Hsu, Ming-Feng

    2009-01-01

    We develop a modified Edgeworth binomial model with higher moment consideration for pricing American Asian options. With lognormal underlying distribution for benchmark comparison, our algorithm is as precise as that of Chalasani et al. [P. Chalasani, S. Jha, F. Egriboyun, A. Varikooty, A refined binomial lattice for pricing American Asian options, Rev. Derivatives Res. 3 (1) (1999) 85-105] if the number of the time steps increases. If the underlying distribution displays negative skewness and leptokurtosis as often observed for stock index returns, our estimates can work better than those in Chalasani et al. [P. Chalasani, S. Jha, F. Egriboyun, A. Varikooty, A refined binomial lattice for pricing American Asian options, Rev. Derivatives Res. 3 (1) (1999) 85-105] and are very similar to the benchmarks in Hull and White [J. Hull, A. White, Efficient procedures for valuing European and American path-dependent options, J. Derivatives 1 (Fall) (1993) 21-31]. The numerical analysis shows that our modified Edgeworth binomial model can value American Asian options with greater accuracy and speed given higher moments in their underlying distribution.

  13. American Option Pricing using GARCH models and the Normal Inverse Gaussian distribution

    DEFF Research Database (Denmark)

    Stentoft, Lars Peter

    In this paper we propose a feasible way to price American options in a model with time varying volatility and conditional skewness and leptokurtosis using GARCH processes and the Normal Inverse Gaussian distribution. We show how the risk neutral dynamics can be obtained in this model, we interpret...... properties shows that there are important option pricing differences compared to the Gaussian case as well as to the symmetric special case. A large scale empirical examination shows that our model outperforms the Gaussian case for pricing options on three large US stocks as well as a major index...

  14. Numerical Methods for Pricing American Options with Time-Fractional PDE Models

    Directory of Open Access Journals (Sweden)

    Zhiqiang Zhou

    2016-01-01

    Full Text Available In this paper we develop a Laplace transform method and a finite difference method for solving American option pricing problem when the change of the option price with time is considered as a fractal transmission system. In this scenario, the option price is governed by a time-fractional partial differential equation (PDE with free boundary. The Laplace transform method is applied to the time-fractional PDE. It then leads to a nonlinear equation for the free boundary (i.e., optimal early exercise boundary function in Laplace space. After numerically finding the solution of the nonlinear equation, the Laplace inversion is used to transform the approximate early exercise boundary into the time space. Finally the approximate price of the American option is obtained. A boundary-searching finite difference method is also proposed to solve the free-boundary time-fractional PDEs for pricing the American options. Numerical examples are carried out to compare the Laplace approach with the finite difference method and it is confirmed that the former approach is much faster than the latter one.

  15. An irregular grid approach for pricing high-dimensional American options

    NARCIS (Netherlands)

    Berridge, S.J.; Schumacher, J.M.

    2008-01-01

    We propose and test a new method for pricing American options in a high-dimensional setting. The method is centered around the approximation of the associated complementarity problem on an irregular grid. We approximate the partial differential operator on this grid by appealing to the SDE

  16. A tree-based method to price American options in the Heston model

    NARCIS (Netherlands)

    Vellekoop, M.; Nieuwenhuis, H.

    2009-01-01

    We develop an algorithm to price American options on assets that follow the stochastic volatility model defined by Heston. We use an approach which is based on a modification of a combined tree for stock prices and volatilities, where the number of nodes grows quadratically in the number of time

  17. Using Localised Quadratic Functions on an Irregular Grid for Pricing High-Dimensional American Options

    NARCIS (Netherlands)

    Berridge, S.J.; Schumacher, J.M.

    2004-01-01

    We propose a method for pricing high-dimensional American options on an irregular grid; the method involves using quadratic functions to approximate the local effect of the Black-Scholes operator.Once such an approximation is known, one can solve the pricing problem by time stepping in an explicit

  18. An Irregular Grid Approach for Pricing High-Dimensional American Options

    NARCIS (Netherlands)

    Berridge, S.J.; Schumacher, J.M.

    2004-01-01

    We propose and test a new method for pricing American options in a high-dimensional setting.The method is centred around the approximation of the associated complementarity problem on an irregular grid.We approximate the partial differential operator on this grid by appealing to the SDE

  19. Pricing and hedging high-dimensional American options : an irregular grid approach

    NARCIS (Netherlands)

    Berridge, S.; Schumacher, H.

    2002-01-01

    We propose and test a new method for pricing American options in a high dimensional setting. The method is centred around the approximation of the associated variational inequality on an irregular grid. We approximate the partial differential operator on this grid by appealing to the SDE

  20. Penalty methods for the numerical solution of American multi-asset option problems

    Science.gov (United States)

    Nielsen, Bjørn Fredrik; Skavhaug, Ola; Tveito, Aslak

    2008-12-01

    We derive and analyze a penalty method for solving American multi-asset option problems. A small, non-linear penalty term is added to the Black-Scholes equation. This approach gives a fixed solution domain, removing the free and moving boundary imposed by the early exercise feature of the contract. Explicit, implicit and semi-implicit finite difference schemes are derived, and in the case of independent assets, we prove that the approximate option prices satisfy some basic properties of the American option problem. Several numerical experiments are carried out in order to investigate the performance of the schemes. We give examples indicating that our results are sharp. Finally, the experiments indicate that in the case of correlated underlying assets, the same properties are valid as in the independent case.

  1. Perpetual American vanilla option pricing under single regime change risk: an exhaustive study

    Science.gov (United States)

    Montero, Miquel

    2009-07-01

    Perpetual American options are financial instruments that can be readily exercised and do not mature. In this paper we study in detail the problem of pricing this kind of derivatives, for the most popular flavour, within a framework in which some of the properties—volatility and dividend policy—of the underlying stock can change at a random instant of time but in such a way that we can forecast their final values. Under this assumption we can model actual market conditions because most relevant facts usually entail sharp predictable consequences. The effect of this potential risk on perpetual American vanilla options is remarkable: the very equation that will determine the fair price depends on the solution to be found. Sound results are found under the optics both of finance and physics. In particular, a parallelism among the overall outcome of this problem and a phase transition is established.

  2. Manager’s Flexibility & Cancellation Option: Insights of a Case Study in the Latin American Oil Industry

    Directory of Open Access Journals (Sweden)

    Arthur Ridolfo Neto

    2017-05-01

    Full Text Available Purpose: This article focused on the main business insights of the use of Real Options valuation analysis in the eyes of a finance professional. It used a case study of an investment opportunity in the oil and gas field services industry in Latin America to discuss the methodology implementation and its insights. As a secondary objective, it discussed the insights and options embedded in this investment opportunity.Methodology: The investment opportunity was examined using the Real Options Analysis (ROA framework and the results compared to the traditional methodology of Net Present Value. The valuation technique was performed as if it had been applied at the time the project was approved.Findings: The most important of Real Option valuation is not the results, but how one arrives at them. After the project value is calculated and the project approved or not, the Real Option valuation requires and supports the monitoring of the project. By understanding how the options are created, managers can make better decisions about the project after it was approved.Practical implications: A relevant contribution from the study was the discussion, as a practitioner, of the methodology implementation in a real world corporation. Originality & value: The case study evaluated two types of real options: first, the effect of an option to cancel a contract that was assessed from the perspective of the client contracting the project; and second, the option to abandon and defer, from the perspective of the company that will perform the investment to provide the services. By incorporating the cost of the put option that the company puts forth for the client (cancellation option it reduces the project value by giving flexibility to its clients.

  3. A numerical method to estimate the parameters of the CEV model implied by American option prices: Evidence from NYSE

    International Nuclear Information System (INIS)

    Ballestra, Luca Vincenzo; Cecere, Liliana

    2016-01-01

    Highlights: • We develop a method to compute the parameters of the CEV model implied by American options. • This is the first procedure for calibrating the CEV model to American option prices. • The proposed approach is extensively tested on the NYSE market. • The novel method turns out to be very efficient in computing the CEV model parameters. • The CEV model provides only a marginal improvement over the lognormal model. - Abstract: We develop a highly efficient procedure to forecast the parameters of the constant elasticity of variance (CEV) model implied by American options. In particular, first of all, the American option prices predicted by the CEV model are calculated using an accurate and fast finite difference scheme. Then, the parameters of the CEV model are obtained by minimizing the distance between theoretical and empirical option prices, which yields an optimization problem that is solved using an ad-hoc numerical procedure. The proposed approach, which turns out to be very efficient from the computational standpoint, is used to test the goodness-of-fit of the CEV model in predicting the prices of American options traded on the NYSE. The results obtained reveal that the CEV model does not provide a very good agreement with real market data and yields only a marginal improvement over the more popular Black–Scholes model.

  4. Putting Their Lives on the Line: Personal Narrative as Political Discourse among Japanese Petitioners in American World War II Internment

    Science.gov (United States)

    Okawa, Gail Y.

    2011-01-01

    One of the more complex and premeditated acts of covert violence during World War II concerns the American surveillance, arrest, and incarceration of thousands of resident Japanese immigrants prior to and upon the outbreak of the Pacific War. While briefly outlining the historical and political context of this mass incarceration, specifically…

  5. Targeting the taqueria: implementing healthy food options at Mexican American restaurants.

    Science.gov (United States)

    Hanni, Krista D; Garcia, Elan; Ellemberg, Cheryl; Winkleby, Marilyn

    2009-04-01

    As part of a 5-year community-based intervention in Salinas, California, the Steps to a Healthier Salinas team developed a taqueria intervention addressing obesity and diabetes among Mexican Americans. The authors present: (a) a comparison of service/entrée options for Salinas taquerias (n = 35) and fast-food restaurants ( n = 38) at baseline, (b) a case study of one taqueria, (c) a description of a healthy nutrition tool kit tailored to taquerias, and (d) an evaluation of the intervention at Year 3. It was found that traditional Mexican American-style menu offerings at taquerias tended to be healthier than American-style fast-food restaurant offerings. In addition, the initial response to the intervention has shown positive changes, which include the taqueria owners promoting available healthy menu items and modifying other menu offerings to reduce fats and increase fruit and vegetable availability. This, in turn, has led to a transition of the owners' perceptions of themselves as gatekeepers for a healthy community.

  6. Energy options

    International Nuclear Information System (INIS)

    Hampton, Michael

    1999-01-01

    This chapter focuses on energy options as a means of managing exposure to energy prices. An intuitive approach to energy options is presented, and traditional definitions of call and put options are given. The relationship between options and swaps, option value and option exercises, commodity options, and option pricing are described. An end-user's guide to energy option strategy is outlined, and straight options, collars, participating swaps and collars, bull and bear spreads, and swaption are examined. Panels explaining the defining of basis risk, and discussing option pricing and the Greeks, delta hedging, managing oil options using the Black-Scholes model, caps, floors and collars, and guidelines on hedging versus speculation with options are included in the paper

  7. Numeraire-invariant option pricing and american, bermudan, trigger stream rollover

    NARCIS (Netherlands)

    Jamshidian, F.

    2004-01-01

    Part I proposes a numeraire-invariant option pricing framework. It defines an option, its price process, and such notions as option indistinguishability and equivalence, domination, payoff process, trigger option, and semipositive option. It develops some of their basic properties, including price

  8. Optimal Exercise Boundary of American Fractional Lookback Option in a Mixed Jump-Diffusion Fractional Brownian Motion Environment

    Directory of Open Access Journals (Sweden)

    Zhaoqiang Yang

    2017-01-01

    Full Text Available A new framework for pricing the American fractional lookback option is developed in the case where the stock price follows a mixed jump-diffusion fraction Brownian motion. By using Itô formula and Wick-Itô-Skorohod integral a new market pricing model is built. The fundamental solutions of stochastic parabolic partial differential equations are estimated under the condition of Merton assumptions. The explicit integral representation of early exercise premium and the critical exercise price are also given. Numerical simulation illustrates some notable features of American fractional lookback options.

  9. North American natural gas outlook : does gas remain a fuel option for oil sands?

    International Nuclear Information System (INIS)

    George, R.R.

    2003-01-01

    This paper presents a North America natural gas outlook from Purvin and Gertz, an international energy consulting firm that has 30 years experience in providing strategic, commercial and technical advice to the petroleum industry. In particular, this presentation focuses on natural gas market fundamentals and how they may impact on oil sands development. It includes charts and graphs depicting NYMEX natural gas outlooks to July, 2009 and examines how supply will react to major changes in Canada's supply portfolio. It was noted that oil sands development is a driver for natural gas demand in Alberta. The existing regional gas pipeline infrastructure was presented and the market impact on upgrader options was discussed. The author suggests that if gas prices are too high, there are other fuel options for steam and power generation. These include bitumen, asphalt, coke, coal and nuclear. However, these options have additional costs, uncertainties and environmental issues. A key factor for success would be to have a clear understanding of the benefits and risks between these fuel options. 1 tab., 9 figs

  10. Options for Online Undergraduate Courses in Biology at American Colleges and Universities

    Science.gov (United States)

    Varty, Alison K.

    2016-01-01

    I aimed to document the online undergraduate course supply in biology to evaluate how well biology educators are serving the diverse and growing population of online students. I documented online biology course offerings in the 2015-2016 academic year at 96 American colleges and universities. I quantified differences in variety, extent, and…

  11. The Obstacle Version of the Geometric Dynamic Programming Principle: Application to the Pricing of American Options Under Constraints

    International Nuclear Information System (INIS)

    Bouchard, Bruno; Vu, Thanh Nam

    2010-01-01

    We provide an obstacle version of the Geometric Dynamic Programming Principle of Soner and Touzi (J. Eur. Math. Soc. 4:201-236, 2002) for stochastic target problems. This opens the doors to a wide range of applications, particularly in risk control in finance and insurance, in which a controlled stochastic process has to be maintained in a given set on a time interval [0,T]. As an example of application, we show how it can be used to provide a viscosity characterization of the super-hedging cost of American options under portfolio constraints, without appealing to the standard dual formulation from mathematical finance. In particular, we allow for a degenerate volatility, a case which does not seem to have been studied so far in this context.

  12. African American and Latino low income families' food shopping behaviors: promoting fruit and vegetable consumption and use of alternative healthy food options.

    Science.gov (United States)

    Fish, Caitlin A; Brown, Jonisha R; Quandt, Sara A

    2015-04-01

    Minority families often reside in neighborhoods with few supermarkets or alternative healthy food options (e.g., farmers markets, community gardens), making fresh produce difficult to obtain. This qualitative study identified factors influencing fruit and vegetable shopping and use of alternative healthy food options. Forty-eight minority women with children completed interviews regarding food shopping habits and use of and attitudes toward alternative healthy food options. Interviews were subjected to thematic analysis. Produce shopping was motivated by costs and family preferences. For African American women, poor cooking skills restricted the variety of fruits and vegetables purchased. Latinas were receptive to alternative healthy food options, but did not use them because these sources were inconvenient. African American women were not receptive to them. Improving cooking skills and perceptions of acceptable foods may be as important as increased access to promote greater consumption of fruits and vegetables.

  13. Putting the Whole Grain Puzzle Together: Health Benefits Associated with Whole Grains—Summary of American Society for Nutrition 2010 Satellite Symposium123

    Science.gov (United States)

    Jonnalagadda, Satya S.; Harnack, Lisa; Hai Liu, Rui; McKeown, Nicola; Seal, Chris; Liu, Simin; Fahey, George C.

    2011-01-01

    The symposium “Putting the Whole Grain Puzzle Together: Health Benefits Associated with Whole Grains” sponsored by the ASN brought together researchers to review the evidence regarding the health benefits associated with whole grains. Current scientific evidence indicates that whole grains play an important role in lowering the risk of chronic diseases, such as coronary heart disease, diabetes, and cancer, and also contribute to body weight management and gastrointestinal health. The essential macro- and micronutrients, along with the phytonutrients present in whole grains, synergistically contribute to their beneficial effects. Current evidence lends credence to the recommendations to incorporate whole grain foods into a healthy diet and lifestyle program. The symposium also highlighted the need for further research to examine the role of whole grain foods in disease prevention and management to gain a better understanding of their mechanisms of action. PMID:21451131

  14. Optimal stopping and perpetual options for Lévy processes

    OpenAIRE

    Ernesto Mordecki

    2002-01-01

    Consider a model of a financial market with a stock driven by a Lévy process and constant interest rate. A closed formula for prices of perpetual American call options in terms of the overall supremum of the Lévy process, and a corresponding closed formula for perpetual American put options involving the infimum of the after-mentioned process are obtained. As a direct application of the previous results, a Black-Scholes type formula is given. Also as a consequence, simple explicit formulas fo...

  15. Energy efficiency business options for industrial end users in Latin American competitive energy markets: The case of Colombia

    Science.gov (United States)

    Botero, Sergio

    2002-01-01

    Energy markets today in Latin America and worldwide are being restructured from monopolies, either state-owned or privately-owned, to be more openly competitive and incorporate more participation from the private sector. Thus, the schemes that were formerly developed to foster end use energy efficiency are no longer applicable because they were based on mandatory regulations made with political decisions, without sufficiently considering economic feasibility. A consensus exists that the only way energy efficiency could survive in this new paradigm is by being market oriented, giving better services, and additional options to users. However; there is very little information on what end users prefer, and which options would most satisfy customers. Using Colombia as a case study, this research determines and categorizes the energy efficiency business options for large energy end users that can freely participate in the competitive energy market. The energy efficiency market is understood as a market of services aiming to increase efficiency in energy use. These services can be grouped into seven business options. A survey, following the descriptive method, was sent to energy end users in order to determine their preferences for specific energy efficiency business options, as well as the decision-making criteria taken into account for such options. This data was categorized in ten industry groups. As a conclusion, energy efficiency providers should adapt not only to the economic activity or processes of each customer, but also to the potential business options. It was also found that not all industries consider performance contracting as their most preferred option, as a matter of fact, some industries show much higher preference for conventional business options. Among end users, the divergence in option preferences contrasted with the convergence in decision-making criteria. The decision-making criteria "cost-benefit ratio" overwhelmed all other criterion. End users

  16. Putting teachers-to-be in the field and the lab: Hands-on research at the American Museum of Natural History

    Science.gov (United States)

    Nadeau, P. A.; Ebel, D. S.; Harlow, G. E.; Landman, N. H.; Pagnotta, A.; Sessa, J.; Shara, M.; Ustunisik, G. K.; Webster, J. D.; Blair, D.; Shumer, M.

    2013-12-01

    The American Museum of Natural History (AMNH) is halfway through a pilot program designed to prepare Earth Science teachers for grades 7-12 in high-needs schools in New York. The program was implemented to address a critical shortage of qualified Earth Science teachers throughout the state as well as to reach student populations that traditionally have limited science exposure and hands-on learning opportunities. This Master of Arts in Teaching is unique amongst teacher preparation programs, not only in that it is housed at a world-class research museum and places the teacher candidates in a year-long teaching residency, but also in that it accepts only students with a strong background in Earth Science via a degree in geology, meteorology, oceanography, astronomy, or a related discipline. Following a year of graduate courses in science and pedagogy, as well as teaching residencies, and only months before embarking on teaching career, candidates begin a seven-week science practicum. This exercise combines field and lab work under the tutelage of AMNH science curators and postdoctoral research fellows to provide experience with the scientific process, from field work and data collection to interpretation and public presentation of results. In the science practicum, teaching candidates begin by selecting one of four topics on which to focus their research: astrophysics, experimental petrology, mineralogy, or paleontology. An introduction to lab materials, techniques, and instrumentation is followed by two weeks in the field, both upstate and in New York City, where rocks of all types are encountered and discussed. Nights are devoted to astronomical observing and data collection to supplement the geology-oriented daytime sessions. Following the trips, candidates are back at AMNH analyzing data and samples in preparation for a short, scientific-style manuscript and presentation of results in an AGU-style talk. Three research groups have already discovered potentially

  17. Putting Portugal on the Map

    Directory of Open Access Journals (Sweden)

    João Ferrão

    2010-01-01

    Full Text Available This paper argues the need to “put Portugal on the map” in a double sense: in a prospective way, in order to place the country on the required map(s, something which entails strategic vision and capacity for action; and in an analytical way – to enable us to understand Portugal from the map(s it is part of, which presupposes a capacity to analyse and understand the current state of affairs. By drawing inspiration from the polymorphic vision on the spatialities of contemporary societies and economies defended by Jessop, Brenner and Jones (2008, we propose the creation of a unifying reference framework to “put Portugal on the map”, using a combination of five elements: territory as a geographic location; territory as a unit of reference of the nation-state; places; geographic scales; and networks. The polymorphic nature of the spatialities that characterize, or should characterize, Portugal’s place in the world reflects several, and even contradictory, ethical values, interests, preferences, and options. Accordingly, the supported polymorphic spatialities ought to stir up controversy based on knowledge and arguments that are solid from a theoretical and empirical stance, and should make explicit the objectives and values they are based on.

  18. Americal options analyzed differently

    NARCIS (Netherlands)

    Nieuwenhuis, J.W.

    2003-01-01

    In this note we analyze in a discrete-time context and with a finite outcome space American options starting with the idea that every tradable should be a martingale under a certain measure. We believe that in this way American options become more understandable to people with a good working

  19. Put order picking system

    Directory of Open Access Journals (Sweden)

    Đurđević Dragan D.

    2014-01-01

    Full Text Available Nowadays the warehouse is very important logistic component of the supply chain, where order-picking systems have important role. Due to the significant impact on logistics performance permanent goals are to increase efficiency and reduce the cost of these systems. To achieve these goals, there are different researches, and their success is determined by the achieved performances. Performances order picking process are dependent on the applied technology concepts of order-picking system, as well as the ways in which it is organized and managed. In addition to the standard conceptions (the man to good and good to the man is one of the newer, so-called. 'put' system - the inverse order-picking. The aim of this paper is to describe this concept, point out its core strengths and weaknesses and provide a basis that may be of importance in the development of warehouse technological solutions and application of this order-picking systems concept.

  20. Putting politics first.

    Science.gov (United States)

    Hacker, Jacob S

    2008-01-01

    The greatest lesson of the failure of comprehensive health reform in the early 1990s is that politics comes first. Even the best-laid policy plans are worthless if they lack the political support to pass. Putting politics first means avoiding the overarching mistake of the Clinton reformers: envisioning a grand policy compromise rather than hammering out a real political compromise. It also means addressing the inevitable fears of those who believe that they are well protected by our eroding employment-based system. And it means formulating political strategies that are premised on the contemporary realities of the hyperpolarized U.S. political environment, rather than wistfully recalled images of the bipartisan politics of old.

  1. Putting instruction sequences into effect

    NARCIS (Netherlands)

    Bergstra, J.A.

    2011-01-01

    An attempt is made to define the concept of execution of an instruction sequence. It is found to be a special case of directly putting into effect of an instruction sequence. Directly putting into effect of an instruction sequences comprises interpretation as well as execution. Directly putting into

  2. Putting competition into perspective

    International Nuclear Information System (INIS)

    Jones, L. III.

    1993-01-01

    This paper examines the current level of competition in the electric industry in the context of the history of the industry and the development of electric markets in other counties. The topics of the paper include competition in the history of the American electric industry, the current state of competition, the competitive situation in Texas, competition in other electric markets, and competitive changes in the US market

  3. Putting tested options into practice in Benin | IDRC - International ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    2011-04-21

    Apr 21, 2011 ... ... of regenerating soil using planting pits; integrated crop management; and the use of organic fertilizers. ... When needed, the committee issues separate alerts that may warn of extreme weather events. ... Related articles ...

  4. Assessing Differences in the Availability of Opioid Addiction Therapy Options: Rural Versus Urban and American Indian Reservation Versus Nonreservation.

    Science.gov (United States)

    Hirchak, Katherine A; Murphy, Sean M

    2017-01-01

    Opioid misuse is a large public health problem in the United States. Residents of rural areas and American Indian (AI) reservation/trust lands represent traditionally underserved populations with regard to substance-use disorder therapy. Assess differences in the number of opioid agonist therapy (OAT) facilities and physicians with Drug Addiction Treatment Act (DATA) waivers for rural versus urban, and AI reservation/trust land versus non-AI reservation/trust land areas in Washington State. The unit of analysis was the ZIP code. The dependent variables were the number of OAT facilities and DATA-waivered physicians in a region per 10,000 residents aged 18-64 in a ZIP code. A region was defined as a ZIP code and its contiguous ZIP codes. The independent variables were binary measures of whether a ZIP code was classified as rural versus urban, or AI reservation/trust land versus non-AI reservation/trust land. Zero-inflated negative binomial regressions with robust standard errors were estimated. The number of OAT clinics in a region per 10,000 ZIP-code residents was significantly lower in rural versus urban areas (P = .002). This did not differ significantly between AI reservation/trust land and non-AI reservation/trust land areas (P = .79). DATA-waivered physicians in a region per 10,000 ZIP-code residents was not significantly different between rural and urban (P = .08), or AI reservation/trust land versus non-AI reservation/trust land areas (P = .21). It appears that the potential for Washington State residents of rural and AI reservation areas to receive OAT is similar to that of residents outside of those areas; however, difficulties in accessing therapy may remain, highlighting the importance of expanding health care insurance and providing support for DATA-waivered physicians. © 2016 National Rural Health Association.

  5. Convergent Validity of the PUTS

    Directory of Open Access Journals (Sweden)

    Valerie Cathérine Brandt

    2016-04-01

    Full Text Available Premonitory urges are a cardinal feature in Gilles de la Tourette syndrome. Severity of premonitory urges can be assessed with the Premonitory Urge for Tic Disorders Scale (PUTS. However, convergent validity of the measure has been difficult to assess due to the lack of other urge measures.We investigated the relationship between average real-time urge intensity assessed by an in-house developed real-time urge monitor, measuring urge intensity continuously for 5mins on a visual analogue scale, and general urge intensity assessed by the PUTS in 22 adult Tourette patients (mean age 29.8+/- 10.3; 19 male. Additionally, underlying factors of premonitory urges assessed by the PUTS were investigated in the adult sample using factor analysis and were replicated in 40 children and adolescents diagnosed with Tourette syndrome (mean age 12.05 +/- 2.83 SD, 31 male.Cronbach’s alpha for the PUTS10 was acceptable (α = .79 in the adult sample. Convergent validity between average real-time urge intensity scores (as assessed with the real-time urge monitor and the 10-item version of the PUTS (r = .64 and the 9-item version of the PUTS (r = .66 was good. A factor analysis including the 10 items of the PUTS and average real-time urge intensity scores revealed three factors. One factor included the average real-time urge intensity score and appeared to measure urge intensity, while the other two factors can be assumed to reflect the (sensory quality of urges and subjective control, respectively. The factor structure of the 10 PUTS items alone was replicated in a sample of children and adolescents.The results indicate that convergent validity between the PUTS and the real-time urge assessment monitor is good. Furthermore, the results suggest that the PUTS might assess more than one dimension of urges and it may be worthwhile developing different sub-scales of the PUTS assessing premonitory urges in terms of intensity and quality, as well as subjectively

  6. Putting Emotional Intelligence To Work

    CERN Document Server

    Ryback, David

    2012-01-01

    Putting Emotional Intelligence to Work offers a new paradigm of communication for the 21st-century workplace. Beginning with the thoughts of communication pioneer Carl Rogers, this book covers the origins and history of emotional intelligence, why it is essential at this point in the changing marketplace, how to delegate and negotiate more effectively, and how to change yourself to become a more effective player. An EQ (Emotional Quotient) survey helps you determine where you are on the scale of executive intelligence. Putting Emotional Intelligence to Work leaves you with a greater understand

  7. Rehabilitation Options

    Science.gov (United States)

    ... Speech Pathology Occupational Therapy Art Therapy Recreational therapy Neuropsychology Home Care Options Advanced Care Planning Palliative Care ... Speech Pathology Occupational Therapy Art Therapy Recreational therapy Neuropsychology Home Care Options Advanced Care Planning Palliative Care ...

  8. Fibromyalgia Pathogenesis and Treatment Options Update.

    Science.gov (United States)

    Chinn, Steven; Caldwell, William; Gritsenko, Karina

    2016-04-01

    This review article presents and summarizes up-to-date literature on the clinical manifestations, diagnosis, pathophysiological mechanisms, and treatment options for fibromyalgia patients. First, the most recent diagnostic criteria for fibromyalgia, as put forth by the American College of Rheumatology will be summarized. Clinical features, including chronic widespread pain, hyperalgesia, mood disorders, anxiety, and disturbed sleep patterns will be explored in-depth. The pathogenesis and pathophysiology of fibromyalgia involves alterations in multiple ascending and descending central nervous system pathways, as well as peripheral pathways, leading to heightened pain sensitivity. Risk factors have been studied extensively, and the most recent research focuses on various genetic influences and the contributions of stress and poor sleep. Lastly, the discussion in this article focuses on treatment options for fibromyalgia; some have been mainstay options for many years. Pharmacological agents include tricyclic antidepressants, anti-epileptic drugs, selective serotonin reuptake inhibitors, norepinephrine/serotonin reuptake inhibitors, as well as some investigational agents. The evidence behind non-pharmacologic treatments, including massage therapy, exercise, and acupuncture, are discussed.

  9. Heating being put into service

    CERN Multimedia

    2016-01-01

    The SMB-SE group would like to inform you that, the central heating will start this year, on Monday 3 October 2016, and will be progressively and depending on the weather forecast put into service throughout. All buildings will have heating within the following few days. Thank you for your understanding. The CERN heating team SMB-SE

  10. ICRP putting wealth before health

    International Nuclear Information System (INIS)

    Green, P.

    1990-01-01

    Reductions in recommended dose limits for radiation workers set by the International Commission for Radiological Protection do not go far enough. The ICRP has put industry profitability before worker safety, and their recommendations should not be the basis for UK or European law. (author)

  11. Polish Toxic Currency Options

    Directory of Open Access Journals (Sweden)

    Waldemar Gontarski

    2009-06-01

    Full Text Available Toxic currency options are defined on the basis of the opposition to the nature (essence of an option contract, which is justified in terms of norms founded on the general law clause of characteristics (nature of a relation (which represents an independent premise for imposing restrictions on the freedom of contracts. So-understood toxic currency options are unlawful. Indeed they contravene iuris cogentis regulations. These include for instance option contracts, which are concluded with a bank, if the bank has not informed about option risk before concluding the contract; or the barrier options, which focus only on the protection of bank’s interests. Therefore, such options may appear to be invalid. Therefore, performing contracts for toxic currency options may be qualified as a criminal mismanagement. For the sake of security, the manager should then take into consideration filing a claim for stating invalidity (which can be made in a court verdict. At the same time, if the supervisory board member in a commercial company, who can also be a subject to mismanagement offences, commits an omission involving lack of reaction (for example, if he/she fails to notify of the suspected offence committed by the management board members acting to the company’s detriment when the management board makes the company conclude option contracts which are charged with absolute invalidity the supervisory board member so acting may be considered to act to the company’s detriment. In the most recent Polish jurisprudence and judicature the standard of a “good host” is treated to be the last resort for determining whether the manager’s powers resulting from criminal regulations were performed. The manager of the exporter should not, as a rule, issue any options. Issuing options always means assuming an obligation. In the case of currency put options it is an absolute obligation to purchase a given amount in euro at exchange rate set in advance. On the

  12. What do Americans think about federal tax options to support public transit, highways, and local streets and roads? Results from year six of a national survey.

    Science.gov (United States)

    2015-06-01

    This report summarizes the results of year six of a national random-digit-dial public opinion poll asking 1,503 respondents if they : would support various tax options for raising federal transportation revenues, with a special focus on understanding...

  13. What do Americans think about federal tax options to support public transit, highways, and local streets and roads? Results from year four of a national survey.

    Science.gov (United States)

    2013-06-01

    This report summarizes the results of year four of a national random-digit-dial public opinion poll asking 1,501 respondents : if they would support various tax options for raising federal transportation revenues, with a special focus on understandin...

  14. What do Americans think about federal tax options to support public transit, highways, and local streets and roads? Results from year five of a national survey.

    Science.gov (United States)

    2014-06-01

    This report summarizes the results of year five of a national random-digit-dial public opinion poll asking 1,503 respondents if they : would support various tax options for raising federal transportation revenues, with a special focus on understandin...

  15. What do Americans think about federal tax options to support public transit, highways, and local streets and roads? results from year 3 of a national survey.

    Science.gov (United States)

    2012-06-01

    This report summarizes the results of a national random-digit-dial public opinion poll that asked 1,519 respondents if they would support various tax options for raising federal transportation revenues, with a special focus on understanding support f...

  16. Pricing and Applications of Digital Installment Options

    Directory of Open Access Journals (Sweden)

    Pierangelo Ciurlia

    2012-01-01

    Full Text Available For its theoretical interest and strong impact on financial markets, option valuation is considered one of the cornerstones of contemporary mathematical finance. This paper specifically studies the valuation of exotic options with digital payoff and flexible payment plan. By means of the Incomplete Fourier Transform, the pricing problem is solved in order to find integral representations of the upfront price for European call and put options. Several applications in the areas of corporate finance, insurance, and real options are discussed. Finally, a new type of digital derivative named supercash option is introduced and some payment schemes are also presented.

  17. Discrete-Time Pricing and Optimal Exercise of American Perpetual Warrants in the Geometric Random Walk Model

    Energy Technology Data Exchange (ETDEWEB)

    Vanderbei, Robert J., E-mail: rvdb@princeton.edu [Princeton University, Department of Operations Research and Financial Engineering (United States); P Latin-Small-Letter-Dotless-I nar, Mustafa C., E-mail: mustafap@bilkent.edu.tr [Bilkent University, Department of Industrial Engineering (Turkey); Bozkaya, Efe B. [Sabanc Latin-Small-Letter-Dotless-I University, Faculty of Administrative Sciences (Turkey)

    2013-02-15

    An American option (or, warrant) is the right, but not the obligation, to purchase or sell an underlying equity at any time up to a predetermined expiration date for a predetermined amount. A perpetual American option differs from a plain American option in that it does not expire. In this study, we solve the optimal stopping problem of a perpetual American option (both call and put) in discrete time using linear programming duality. Under the assumption that the underlying stock price follows a discrete time and discrete state Markov process, namely a geometric random walk, we formulate the pricing problem as an infinite dimensional linear programming (LP) problem using the excessive-majorant property of the value function. This formulation allows us to solve complementary slackness conditions in closed-form, revealing an optimal stopping strategy which highlights the set of stock-prices where the option should be exercised. The analysis for the call option reveals that such a critical value exists only in some cases, depending on a combination of state-transition probabilities and the economic discount factor (i.e., the prevailing interest rate) whereas it ceases to be an issue for the put.

  18. Discrete-Time Pricing and Optimal Exercise of American Perpetual Warrants in the Geometric Random Walk Model

    International Nuclear Information System (INIS)

    Vanderbei, Robert J.; Pınar, Mustafa Ç.; Bozkaya, Efe B.

    2013-01-01

    An American option (or, warrant) is the right, but not the obligation, to purchase or sell an underlying equity at any time up to a predetermined expiration date for a predetermined amount. A perpetual American option differs from a plain American option in that it does not expire. In this study, we solve the optimal stopping problem of a perpetual American option (both call and put) in discrete time using linear programming duality. Under the assumption that the underlying stock price follows a discrete time and discrete state Markov process, namely a geometric random walk, we formulate the pricing problem as an infinite dimensional linear programming (LP) problem using the excessive-majorant property of the value function. This formulation allows us to solve complementary slackness conditions in closed-form, revealing an optimal stopping strategy which highlights the set of stock-prices where the option should be exercised. The analysis for the call option reveals that such a critical value exists only in some cases, depending on a combination of state-transition probabilities and the economic discount factor (i.e., the prevailing interest rate) whereas it ceases to be an issue for the put.

  19. Budget Options

    National Research Council Canada - National Science Library

    2000-01-01

    This volume-part of the Congressional Budget Office's (CBO's) annual report to the House and Senate Committees on the Budget-is intended to help inform policymakers about options for the federal budget...

  20. Analysis of Options Contract, Option Pricing in Agricultural Products

    Directory of Open Access Journals (Sweden)

    H. Tamidy

    2016-03-01

    Full Text Available Introduction: Risk is an essential component in the production and sale of agricultural products. Due to the nature of agricultural products, the people who act in this area including farmers and businesspersons encounter unpredictable fluctuations of prices. On the other hand, the firms that process agricultural products also face fluctuation of price of agricultural inputs. Given that the Canola is considered as one of the inputs of product processing factories, control of unpredictable fluctuations of the price of this product would increase the possibility of correct decision making for farmers and managers of food processing industries. The best available tool for control and management of the price risk is the use of future markets and options. It is evident that the pricing is the main pillar in every trade. Therefore, offering a fair price for the options will be very important. In fact, options trading in the options market create cost insurance stopped. In this way, which can reduce the risks of deflation created in the future, if the person entitled to the benefits of the price increase occurs in the future. Unlike the futures, market where the seller had to deliver the product on time, in the options market, there is no such compulsion. In addition, this is one of the strengths of this option contract, because if there is not enough product for delivery to the futures market as result of chilling, in due course, the farmers suffer, but in the options market there will be a loss. In this study, the setup options of rape, as a product, as well as inputs has been paid for industry. Materials and Methods: In this section. The selection criteria of the disposal of asset base for valuation of European put options and call option is been introduced. That for obtain this purpose, some characteristics of the goods must considered: 1-Unpredictable fluctuations price of underlying asset 2 -large underlying asset cash market 3- The possibility

  1. Putting science on the agenda

    CERN Multimedia

    2012-01-01

    The job of CERN Director-General comes with a lot of responsibility, and that’s particularly true today. We’re living through a period of unique circumstances for science. Positive indicators, such as a renewal of interest in physical sciences at the University level and unprecedented public interest in the LHC, are aligning with storm clouds in the form of a prolonged economic crisis that will put downward pressure on everyone’s budgets.   That means that science has to make its voice heard if it’s to preserve support, and if it wants to be in a position to play the role it must in navigating the major societal challenges of our time. For that reason, I have been a fairly rare sight at CERN of late. Last week, I was in Davos for the annual meeting of the World Economic Forum. It was my second time at Davos, and I used the opportunity to argue that science should be more closely linked to the political thread of the meeting. I think my argument was he...

  2. Putting the spiritual into practice

    Directory of Open Access Journals (Sweden)

    Julia von Boguslawski

    2018-04-01

    Full Text Available The aim of this article is to examine how Rudolf Steiner’s anthroposophical ideas were reflected and put into practice in the lives of the Finnish couple Olly (Olga Donner (1881–1956, neé Sinebrychoff and Uno Donner (1872–1958. They encountered anthroposophy in 1913 and subsequently embraced it as the guiding principle of their lives. Through a close examination of these two people we aim to shed light on how a new worldview like anthroposophy, which was gaining followers in early twentieth-century Finland, was also a manifestation of wider changes in religious culture in Europe. Our perspective could be described as biographical in the sense that it has been characterised by Simone Lässig (2008: 11 who writes that ‘the reconstruction of individual life courses helps to discover more about the context – for example, about daily rituals, pious practices, or kinship relationship’. Thus, the biographical perspective serves as a tool for grasping how something as deeply personal as an anthroposophical worldview was understood and practised, not only by Olly and Uno Donner, but also by a larger group of people who in the early twentieth century were looking for new ways to make sense of the surrounding world.

  3. Putting Customers First: Standards for Serving the American People.

    Science.gov (United States)

    Clinton, Bill; Gore, Al

    This document, part of the Clinton Administration's "Reinventing Government" initiative involving a long-term, significant revamping of the federal bureaucracy, presents a comprehensive set of published customer service standards for the United States Government. It presents more than 1,500 standards representing commitments from more…

  4. Sensorimotor Rhythm Neurofeedback Enhances Golf Putting Performance.

    Science.gov (United States)

    Cheng, Ming-Yang; Huang, Chung-Ju; Chang, Yu-Kai; Koester, Dirk; Schack, Thomas; Hung, Tsung-Min

    2015-12-01

    Sensorimotor rhythm (SMR) activity has been related to automaticity during skilled action execution. However, few studies have bridged the causal link between SMR activity and sports performance. This study investigated the effect of SMR neurofeedback training (SMR NFT) on golf putting performance. We hypothesized that preelite golfers would exhibit enhanced putting performance after SMR NFT. Sixteen preelite golfers were recruited and randomly assigned into either an SMR or a control group. Participants were asked to perform putting while electroencephalogram (EEG) was recorded, both before and after intervention. Our results showed that the SMR group performed more accurately when putting and exhibited greater SMR power than the control group after 8 intervention sessions. This study concludes that SMR NFT is effective for increasing SMR during action preparation and for enhancing golf putting performance. Moreover, greater SMR activity might be an EEG signature of improved attention processing, which induces superior putting performance.

  5. Menthol: putting the pieces together.

    Science.gov (United States)

    Lee, Youn Ok; Glantz, Stanton A

    2011-05-01

    To integrate information on cigarette companies' understanding and use of menthol as summarised in published research based on previously internal tobacco industry documents with results from large population-based surveys of tobacco use and other independent sources. Papers published in this supplement of Tobacco Control, together with papers identified using PubMed searches. Tobacco companies shaped consumer perceptions of menthol cigarettes. Menthol is not just a flavouring agent. Cigarette companies use menthol's ability to mask irritation and provide sensory effects to make menthol cigarettes appeal to youth and health-concerned smokers, in part because menthol makes low-tar cigarettes more palatable. Consistent with targeted marketing, youths, women and African Americans disproportionately smoke menthols. There appear to be complex interactions with addictive effects of nicotine. The ubiquitous addition of menthol by tobacco companies to over 90% of all tobacco products, whether labelled 'menthol' or not, demonstrates that menthol is not simply a flavour or brand. Menthol imparts sensory characteristics to cigarettes and has a complex interaction with nicotine that affects smoking behaviour whether it is perceived or not, or whether cigarettes containing menthol are marketed as 'menthol' or not. Adding menthol increases fine particles in cigarette smoke, which have immediate adverse effects on the risk of heart attack. Information from industry documents, confirmed by independent scientific literature, consistently demonstrates that menthol increases population harm from smoking by increasing initiation and reducing cessation in some groups. Menthol facilitates and increases smoking, which causes disease and death.

  6. Energy exotic options

    International Nuclear Information System (INIS)

    Kaminski, V.; Gibner, S.; Pinnamaneni, K.

    1999-01-01

    This chapter with 88 references focuses on the use of exotic options to control exposure to energy prices. Exotic options are defined, and the conversion of a standard option into an exotic option and pricing models are examined. Pricing and hedging exotic options, path-dependent options, multi-commodity options, options on the minimum-or-maximum of two commodities, compound options, digital options, hybrid and complex structures, and natural gas daily options are described. Formulas for option pricing for vanilla, barrier, compound, options on minimum or maximum of two assets, and look back options are given in an appendix

  7. Options theory

    International Nuclear Information System (INIS)

    Markland, J.T.

    1992-01-01

    Techniques used in conventional project appraisal are mathematically very simple in comparison to those used in reservoir modelling, and in the geosciences. Clearly it would be possible to value assets in mathematically more sophisticated ways if it were meaningful and worthwhile so to do. The DCf approach in common use has recognized limitations; the inability to select a meaningful discount rate being particularly significant. Financial Theory has advanced enormously over the last few years, along with computational techniques, and methods are beginning to appear which may change the way we do project evaluations in practice. The starting point for all of this was a paper by Black and Scholes, which asserts that almost all corporate liabilities can be viewed as options of varying degrees of complexity. Although the financial presentation may be unfamiliar to engineers and geoscientists, some of the concepts used will not be. This paper outlines, in plain English, the basis of option pricing theory for assessing the market value of a project. it also attempts to assess the future role of this type of approach in practical Petroleum Exploration and Engineering economics. Reference is made to relevant published Natural Resource literature

  8. Assessing Differences in the Availability of Opioid Addiction Therapy Options: Rural Versus Urban and American Indian Reservation Versus Non-Reservation

    Science.gov (United States)

    Hirchak, Katherine A.; Murphy, Sean M.

    2017-01-01

    Background Opioid misuse is a large public health problem in the United States. Residents of rural areas and American Indian (AI) reservation/trust lands represent traditionally underserved populations with regard to substance-use-disorder therapy. Purpose Assess differences in the number of opioid agonist therapy (OAT) facilities and physicians with Drug Addiction Treatment Act (DATA) waivers for rural versus urban, and AI reservation/trust land versus non-AI reservation/trust land areas in Washington State. Methods The unit of analysis was the zip code. The dependent variables were the number of OAT facilities and DATA-waivered physicians in a region per 10,000 residents aged 18–64 in a zip code. A region was defined as a zip code and its contiguous zip codes. The independent variables were binary measures of whether a zip code was classified as rural versus urban, or AI reservation/trust land versus non-AI reservation/trust land. Zero-inflated negative binomial regressions with robust standard errors were estimated. Results The number of OAT clinics in a region per 10,000 zip-code residents was significantly lower in rural versus urban areas (P = .002). This did not differ significantly between AI reservation/trust land and non-AI reservation/trust land areas (P = .79). DATA-waivered physicians in a region per 10,000 zip-code residents was not significantly different between rural and urban (P = .08), or AI reservation/trust land versus non-AI reservation/trust land areas (P = .21). Conclusions It appears that the potential for Washington State residents of rural and AI reservation areas to receive OAT is similar to that of residents outside of those areas; however, difficulties in accessing therapy may remain, highlighting the importance of expanding health care insurance and providing support for DATA-waivered physicians. PMID:26987797

  9. The Amnesiac Lookback Option: Selectively Monitored Lookback Options and Cryptocurrencies

    Directory of Open Access Journals (Sweden)

    Ho-Chun Herbert Chang

    2018-05-01

    Full Text Available This study proposes a strategy to make the lookback option cheaper and more practical, and suggests the use of its properties to reduce risk exposure in cryptocurrency markets through blockchain enforced smart contracts and correct for informational inefficiencies surrounding prices and volatility. This paper generalizes partial, discretely-monitored lookback options that dilute premiums by selecting a subset of specified periods to determine payoff, which we call amnesiac lookback options. Prior literature on discretely-monitored lookback options considers the number of periods and assumes equidistant lookback periods in pricing partial lookback options. This study by contrast considers random sampling of lookback periods and compares resulting payoff of the call, put and spread options under floating and fixed strikes. Amnesiac lookbacks are priced with Monte Carlo simulations of Gaussian random walks under equidistant and random periods. Results are compared to analytic and binomial pricing models for the same derivatives. Simulations show diminishing marginal increases to the fair price as the number of selected periods is increased. The returns correspond to a Hill curve whose parameters are set by interest rate and volatility. We demonstrate over-pricing under equidistant monitoring assumptions with error increasing as the lookback periods decrease. An example of a direct implication for event trading is when shock is forecasted but its timing uncertain, equidistant sampling produces a lower error on the true maximum than random choice. We conclude that the instrument provides an ideal space for investors to balance their risk, and as a prime candidate to hedge extreme volatility. We discuss the application of the amnesiac lookback option and path-dependent options to cryptocurrencies and blockchain commodities in the context of smart contracts.

  10. An Empirical Test of Efficiency of Exchange-Traded Currency Options in India

    OpenAIRE

    Aparna Bhat; Kirti Arekar

    2015-01-01

    The objective of this paper is to examine efficiency of the exchange-traded currency options market in India. Put-call-futures parity for the USD-INR currency options is studied by analyzing daily closing prices of options and futures for thirty two months on the National Stock Exchange. The study reveals frequent violations of the put-call-futures parity creating significant arbitrage opportunities. The pattern of mispricing varies when examined for time to maturity, option moneyness, liquid...

  11. Implied Volatility of Interest Rate Options: An Empirical Investigation of the Market Model

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Hansen, Charlotte Strunk

    2002-01-01

    We analyze the empirical properties of the volatility implied in options on the 13-week US Treasury bill rate. These options have not been studied previously. It is shown that a European style put option on the interest rate is equivalent to a call option on a zero-coupon bond. We apply the LIBOR...

  12. Option Pricing using Realized Volatility

    DEFF Research Database (Denmark)

    Stentoft, Lars Peter

    dynamics to be used for option pricing purposes in this framework, and we show that our model explains some of the mispricings found when using traditional option pricing models based on interdaily data. We then show explicitly that a Generalized Autoregressive Conditional Heteroskedastic model with Normal...... Inverse Gaussian distributed innovations is the corresponding benchmark model when only daily data is used. Finally, we perform an empirical analysis using stock options for three large American companies, and we show that in all cases our model performs significantly better than the corresponding...... benchmark model estimated on return data alone. Hence the paper provides evidence on the value of using high frequency data for option pricing purposes....

  13. On the Pricing of American Options.

    Science.gov (United States)

    1986-05-01

    in the construction of a " hedging portfolio" (section 4). In particular, (2.7) and (2.8) imply n-d, i.e., that there exist exactly as many stocks as...called hedging property of the portfolio; we impose it by postulating that the process An t () n t t i At I f.(s)dX + If7o(s)X ii(s)ds fgds +V (3.7) i...European claim: the gains from the portfolio and the gains from the claim should coincide, so that no arbitrage opportunities could exist. Equivalently

  14. Pricing the option adjust spread of Brazilian Eurobonds

    OpenAIRE

    Gonçalves, Franklin de O.

    1997-01-01

    This paper presents results of a pricing system to compute the option adjusted spread ("DAS") of Eurobonds issued by Brazilian firms. The system computes the "DAS" over US treasury rates taktng imo account the embedded options present on these bonds. These options can be calls ("callable bond"), puts ("putable bond") or combinations ("callable and putable bond"). The pricing model takes into account the evolution of the term structure along time, is compatible with the observab...

  15. Putting Opportunism in the Back Seat

    DEFF Research Database (Denmark)

    Foss, Nicolai; Weber, Libby

    2013-01-01

    TCE and its applications in management research put more emphasis on opportunism than on bounded rationality. By augmenting the bounded rationality assumption to include interpretive limitations, we show that there are sources of costly conflict that are not rooted in opportunism. Moreover, we show...

  16. THE IDIOM OF KRIVI PUT KOD SENJA

    Directory of Open Access Journals (Sweden)

    Ankica Čilaš Šimpraga

    2007-01-01

    Full Text Available The idiom of Krivi Put kod Senja is part of West-Štokavian dialect. The basics of phonological, morphological, syntactic and lexical characteristics of idiom are considered in this article. Research confirmed common features with idioms of Bunjevo beyond Velebit’s part of hinterland of Senj.

  17. DIST/AVC Out-Put Definition.

    Science.gov (United States)

    Wilkinson, Gene L.

    The first stage of development of a management information system for DIST/AVC (Division of Instructional Technology/Audio-Visual Center) is the definition of out-put units. Some constraints on the definition of output units are: 1) they should reflect goals of the organization, 2) they should reflect organizational structure and procedures, and…

  18. Multicultural Education Course Put into Practice

    Science.gov (United States)

    Jun, Eun Jeong

    2016-01-01

    This study examines the ways in which two teachers who have previously taken a multicultural education course put into practice multicultural teaching in a first grade afterschool program. Banks' five dimensions of multicultural education are used as the theoretical framework for analyzing past research on multicultural education courses and for…

  19. Putting Petri nets to work in Industry

    NARCIS (Netherlands)

    Aalst, van der W.M.P.

    1994-01-01

    Petri nets exist for over 30 years. Especially in the last decade Petri nets have been put into practive extensively. Thanks to several useful extensions and the availability of computer tools, Petri nets have become a mature tool for modelling and analysing industrial systems. This paper describes

  20. Big meeting puts the case for LHC

    International Nuclear Information System (INIS)

    Anon.

    1990-01-01

    It was a workshop on a scale to match the ultimate goal. When some 500 physicists met in Aachen, Germany, in October to put the research case for the proposed Large Hadron Collider (LHC) at CERN, the turnout was among the biggest attendances of the year

  1. Treatment Options for Retinoblastoma

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other places in the body. Treatment Option Overview Key Points There are different types of ...

  2. Putting Opportunism in the Back Seat

    DEFF Research Database (Denmark)

    Foss, Nicolai; Weber, Libby

    2013-01-01

    TCE and its applications in management research put more emphasis on opportunism than on bounded rationality. By augmenting the bounded rationality assumption to include interpretive limitations, we show that there are sources of costly conflict that are not rooted in opportunism. Moreover, we show...... that bounded rationality may drive opportunism. All hierarchal forms are inherently subject to specific bounded-rationality-based conflicts, thus have different capacities to mitigate bounded-rationality-based transaction costs....

  3. Coarse Thinking and Pricing a Financial Option

    OpenAIRE

    Siddiqi, Hammad

    2009-01-01

    Mullainathan et al [Quarterly Journal of Economics, May 2008] present a formalization of the concept of coarse thinking in the context of a model of persuasion. The essential idea behind coarse thinking is that people put situations into categories and the values assigned to attributes in a given situation are affected by the values of corresponding attributes in other co-categorized situations. We derive a new option pricing formula based on the assumption that the market consists of coars...

  4. Australian Asian Options

    OpenAIRE

    Manuel Moreno; Javier F. Navas

    2003-01-01

    We study European options on the ratio of the stock price to its average and viceversa. Some of these options are traded in the Australian Stock Exchange since 1992, thus we call them Australian Asian options. For geometric averages, we obtain closed-form expressions for option prices. For arithmetic means, we use different approximations that produce very similar results.

  5. With stroke of pen, FERC puts DR on par with supply side options

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2009-01-15

    In mid October 2008, the Federal Energy Regulatory Commission (FERC) finalized new rules intended to strengthen the operation and improve the competitiveness of organized U.S. wholesale electric markets. FERC intends to increase the use of demand response (DR), encourage long-term power contracts, strengthen the role of market monitors, and enhance the responsiveness of regional transmission organizations (RTOs) and independent system operators (ISOs). The FERC order applies to existing U.S. organized wholesale markets.

  6. A Continuous-Time Model for Valuing Foreign Exchange Options

    Directory of Open Access Journals (Sweden)

    James J. Kung

    2013-01-01

    Full Text Available This paper makes use of stochastic calculus to develop a continuous-time model for valuing European options on foreign exchange (FX when both domestic and foreign spot rates follow a generalized Wiener process. Using the dollar/euro exchange rate as input for parameter estimation and employing our FX option model as a yardstick, we find that the traditional Garman-Kohlhagen FX option model, which assumes constant spot rates, values incorrectly calls and puts for different values of the ratio of exchange rate to exercise price. Specifically, it undervalues calls when the ratio is between 0.70 and 1.08, and it overvalues calls when the ratio is between 1.18 and 1.30, whereas it overvalues puts when the ratio is between 0.70 and 0.82, and it undervalues puts when the ratio is between 0.86 and 1.30.

  7. Where to put your money to get their money: a bank advertising awareness study

    OpenAIRE

    James B. Bexley; Karen Sherrill

    2017-01-01

    Commercial banks have many options when selecting an advertising medium. Where should a bank put its money in order to obtain the highest return? Should this medium change based on the target audience? This paper examines a number of different mediums for bank advertising and analyzes by age and by gender the efficacy of each. The authors administered a survey to over three hundred participants of varying ages asking them if they have seen bank advertisements on television, social media or th...

  8. Options Counseling for the Pregnant Adolescent Patient.

    Science.gov (United States)

    Hornberger, Laurie L

    2017-09-01

    Each year, more than 500 000 girls and young women younger than 20 years become pregnant. It is important for pediatricians to have the ability and the resources in their offices to make a timely pregnancy diagnosis in their adolescent patients and provide them with nonjudgmental pregnancy options counseling. Counseling includes an unbiased discussion of the adolescent's legal options to either continue or terminate her pregnancy, supporting the adolescent in the decision-making process, and referring the adolescent to appropriate resources and services. Pediatricians who choose not to provide such discussions should promptly refer pregnant adolescent patients to a health care professional who will offer developmentally appropriate pregnancy options counseling. This approach to pregnancy options counseling has not changed since the original 1989 American Academy of Pediatrics statement on this issue. Copyright © 2017 by the American Academy of Pediatrics.

  9. Western Option - Disarmament of Russian Weapon Plutonium

    International Nuclear Information System (INIS)

    Tveiten, B.; Petroll, M.R.

    2002-01-01

    The Western Option concept describes an approach to the conversion of weapon-grade plutonium from Russian nuclear warheads under the special aspects of meeting the criteria of irreversible utilization. Putting this concept of plutonium conversion into non-weapon-grade material into effect would make a major contribution to improving security worldwide. This study is based on an agreement between the Russian Federation and the United States of America concluded in September 2000. It provides for the conversion of 34 t of weapon-grade plutonium in each of the two states. This goal is also supported by other G8 countries. While the United States performs its part of the agreement under its sole national responsibility, the Russian program needs financial support by Western states. Expert groups have pointed out several options as a so-called basic scenario. The funds of approx. US Dollar 2 billion required to put them into effect have not so far been raised. The Western Option approach described in this contribution combines results of the basic scenario with other existing experience and with technical solutions available for plutonium conversion. One of the attractions of the Western Option lies in its financial advantages, which are estimated to amount to approx. US Dollar 1 billion. (orig.) [de

  10. Traditional preventive treatment options

    DEFF Research Database (Denmark)

    Longbottom, C; Ekstrand, K; Zero, D

    2009-01-01

    Preventive treatment options can be divided into primary, secondary and tertiary prevention techniques, which can involve patient- or professionally applied methods. These include: oral hygiene (instruction), pit and fissure sealants ('temporary' or 'permanent'), fluoride applications (patient...... options....

  11. Breast Cancer: Treatment Options

    Science.gov (United States)

    ... Breast Cancer > Breast Cancer: Treatment Options Request Permissions Breast Cancer: Treatment Options Approved by the Cancer.Net Editorial ... can be addressed as quickly as possible. Recurrent breast cancer If the cancer does return after treatment for ...

  12. Putting the sun to work in Sacramento

    International Nuclear Information System (INIS)

    Osborn, D.E.

    2000-01-01

    At dawn this morning, the sun went to work for customers of the Sacramento Municipal Utility District (SMUD). The largest photovoltaic (PV) power plant in the world, adjacent to the closed nuclear power plant at Rancho Seco, generated enough electricity for over a thousand customers, rooftop solar water heaters lowered thousands of residential electric bills and rooftop PV systems turned hundreds of Sacramento homes into mini power plants. SMUD, in partnership with their customers-owners, is leading the way in putting the sun to work today. SMUD plans to have at least half of its energy come from energy efficiency, existing hydroelectric plants and renewable resources in this decade. SMUD expects investments made in solar power today to provide its customer-owners with substantial long-term energy, environmental and community benefits. This article describes some of SMUD's efforts

  13. "Danish women put up with less"

    DEFF Research Database (Denmark)

    Leine, Marie; Mikkelsen, Henrik Hvenegaard

    2018-01-01

    women put up with less”—and that the report was, in effect, invalid. In this article we outline the discursive space that emerges when the mass media seeks to tackle symptoms of inequality in Denmark. We argue that the ideology of gender equality comes to construct a dominant discourse, which silences...... symptoms of inequality. Thereby, gendered violence in Denmark is rendered invisible in public awareness.......Denmark is a country that has been heralded for its high levels of gender equality for decades. One would have expected, then, that the recent EU report that ranked Denmark as the EU-member country with the highest occurrence of physical violence towards women would have created a public uproar...

  14. Managing coherence via put/get windows

    Science.gov (United States)

    Blumrich, Matthias A [Ridgefield, CT; Chen, Dong [Croton on Hudson, NY; Coteus, Paul W [Yorktown Heights, NY; Gara, Alan G [Mount Kisco, NY; Giampapa, Mark E [Irvington, NY; Heidelberger, Philip [Cortlandt Manor, NY; Hoenicke, Dirk [Ossining, NY; Ohmacht, Martin [Yorktown Heights, NY

    2011-01-11

    A method and apparatus for managing coherence between two processors of a two processor node of a multi-processor computer system. Generally the present invention relates to a software algorithm that simplifies and significantly speeds the management of cache coherence in a message passing parallel computer, and to hardware apparatus that assists this cache coherence algorithm. The software algorithm uses the opening and closing of put/get windows to coordinate the activated required to achieve cache coherence. The hardware apparatus may be an extension to the hardware address decode, that creates, in the physical memory address space of the node, an area of virtual memory that (a) does not actually exist, and (b) is therefore able to respond instantly to read and write requests from the processing elements.

  15. Managing coherence via put/get windows

    Science.gov (United States)

    Blumrich, Matthias A [Ridgefield, CT; Chen, Dong [Croton on Hudson, NY; Coteus, Paul W [Yorktown Heights, NY; Gara, Alan G [Mount Kisco, NY; Giampapa, Mark E [Irvington, NY; Heidelberger, Philip [Cortlandt Manor, NY; Hoenicke, Dirk [Ossining, NY; Ohmacht, Martin [Yorktown Heights, NY

    2012-02-21

    A method and apparatus for managing coherence between two processors of a two processor node of a multi-processor computer system. Generally the present invention relates to a software algorithm that simplifies and significantly speeds the management of cache coherence in a message passing parallel computer, and to hardware apparatus that assists this cache coherence algorithm. The software algorithm uses the opening and closing of put/get windows to coordinate the activated required to achieve cache coherence. The hardware apparatus may be an extension to the hardware address decode, that creates, in the physical memory address space of the node, an area of virtual memory that (a) does not actually exist, and (b) is therefore able to respond instantly to read and write requests from the processing elements.

  16. Distributed Energy Implementation Options

    Energy Technology Data Exchange (ETDEWEB)

    Shah, Chandralata N [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

    2017-09-13

    This presentation covers the options for implementing distributed energy projects. It distinguishes between options available for distributed energy that is government owned versus privately owned, with a focus on the privately owned options including Energy Savings Performance Contract Energy Sales Agreements (ESPC ESAs). The presentation covers the new ESPC ESA Toolkit and other Federal Energy Management Program resources.

  17. Recovering a time-homogeneous stock price process from perpetual option prices

    OpenAIRE

    Ekström, Erik; Hobson, David

    2009-01-01

    It is well known how to determine the price of perpetual American options if the underlying stock price is a time-homogeneous diffusion. In the present paper we consider the inverse problem, that is, given prices of perpetual American options for different strikes, we show how to construct a time-homogeneous stock price model which reproduces the given option prices.

  18. TANK SPACE OPTIONS REPORT

    International Nuclear Information System (INIS)

    Willis, W.L.; Ahrendt, M.R.

    2009-01-01

    Since this report was originally issued in 2001, several options proposed for increasing double-shell tank (DST) storage space were implemented or are in the process of implementation. Changes to the single-shell tank (SST) waste retrieval schedule, completion of DST space saving options, and the DST space saving options in progress have delayed the projected shortfall of DST storage space from the 2007-2011 to the 2018-2025 timeframe (ORP-11242, River Protection Project System Plan). This report reevaluates options from Rev. 0 and includes evaluations of new options for alleviating projected restrictions on SST waste retrieval beginning in 2018 because of the lack of DST storage space.

  19. Putting the Corporation in its Place

    OpenAIRE

    Guinnane, Timothy; Harris, Ron; Lamoreaux, Naomi R.; Rosenthal, Jean-Laurent

    2007-01-01

    This article challenges the idea that the corporation is a globally superior form of business organization and that the Anglo-American common-law is more conducive to economic development than the code-based legal systems characteristic of continental Europe. Although the corporation had important advantages over the main alternative form of organization (partnerships), it also had disadvantages that limited its appeal to small- and medium-sized enterprises (SMEs). As a result, when businesse...

  20. Delta-gamma-theta Hedging of Crude Oil Asian Options

    Directory of Open Access Journals (Sweden)

    Juraj Hruška

    2015-01-01

    Full Text Available Since Black-Scholes formula was derived, many methods have been suggested for vanilla as well as exotic options pricing. More of investing and hedging strategies have been developed based on these pricing models. Goal of this paper is to derive delta-gamma-theta hedging strategy for Asian options and compere its efficiency with gamma-delta-theta hedging combined with predictive model. Fixed strike Asian options are type of exotic options, whose special feature is that payoff is calculated from the difference of average market price and strike price for call options and vice versa for the put options. Methods of stochastic analysis are used to determine deltas, gammas and thetas of Asian options. Asian options are cheaper than vanilla options and therefore they are more suitable for precise portfolio creation. On the other hand their deltas are also smaller as well as profits. That means that they are also less risky and more suitable for hedging. Results, conducted on chosen commodity, confirm better feasibility of Asian options compering with vanilla options in sense of gamma hedging.

  1. Tourism's collapse puts Gambian women at risk.

    Science.gov (United States)

    Coker, M S

    1995-06-01

    Despite efforts of the Gambian government, which established a ministry in 1981 that would tackle gender issues, improve women's health, and promote empowerment, women are underrepresented in government and business, and 84% are illiterate. Child mortality is among the highest in Africa; 134 children per 1000 die before their fifth birthday. In the mid-1980s austerity measures adopted by the World Bank and IMF left the ministry without funds. Rice and vegetable production, the main source of income for women, fell in the 1990s. In 1994, paddy production dropped 23% from the previous year; this was due to a lack of technical and financial assistance. The collapse of tourism with Capt. Yahya Jammeh's seizure of power has put prostitutes catering to tourists out of work, but women who have lost jobs in the hotel industry may be pushed into local prostitution to survive. The impact of this on the HIV/AIDS epidemic is unclear. Although Gambia is one of the world's most aid-dependent countries (more than a quarter of the GNP before the coup), corruption and mismanagement in the nongovernmental sector is widespread. The director of the Women in Development Programme, a $15m World Bank project, was forced to resign over allegations of fraud. The political process sidelines women; only village chiefs, who are traditionally men, are allowed to vote when new heads are elected.

  2. The origins of options.

    Science.gov (United States)

    Smaldino, Paul E; Richerson, Peter J

    2012-01-01

    Most research on decision making has focused on how human or animal decision makers choose between two or more options, posed in advance by the researchers. The mechanisms by which options are generated for most decisions, however, are not well understood. Models of sequential search have examined the trade-off between continued exploration and choosing one's current best option, but still cannot explain the processes by which new options are generated. We argue that understanding the origins of options is a crucial but untapped area for decision making research. We explore a number of factors which influence the generation of options, which fall broadly into two categories: psycho-biological and socio-cultural. The former category includes factors such as perceptual biases and associative memory networks. The latter category relies on the incredible human capacity for culture and social learning, which doubtless shape not only our choices but the options available for choice. Our intention is to start a discussion that brings us closer toward understanding the origins of options.

  3. Quality Risk Management: Putting GMP Controls First.

    Science.gov (United States)

    O'Donnell, Kevin; Greene, Anne; Zwitkovits, Michael; Calnan, Nuala

    2012-01-01

    to be any control that is put in place to assure product quality and regulatory compliance. This improved approach is also based on how the detectability of risks is assessed. This is important because when producing medicines, it is not always good practice to place a high reliance upon detection-type controls in the absence of an adequate level of assurance in the manufacturing process that leads to the finished medicine.

  4. Traffic Light Options

    DEFF Research Database (Denmark)

    Jørgensen, Peter Løchte

    This paper introduces, prices, and analyzes traffic light options. The traffic light option is an innovative structured OTC derivative developed independently by several London-based investment banks to suit the needs of Danish life and pension (L&P) companies, which must comply with the traffic...... 2006, and supervisory authorities in many other European countries have implemented similar regulation. Traffic light options are therefore likely to attract the attention of a wider audience of pension fund managers in the future. Focusing on the valuation of the traffic light option we set up a Black...... light scenarios. These stress scenarios entail drops in interest rates as well as in stock prices, and traffic light options are thus designed to pay off and preserve sufficient capital when interest rates and stock prices fall simultaneously. Sweden's FSA implemented a traffic light system in January...

  5. Traffic Light Options

    DEFF Research Database (Denmark)

    Jørgensen, Peter Løchte

    2007-01-01

    This paper introduces, prices, and analyzes traffic light options. The traffic light option is an innovative structured OTC derivative developed independently by several London-based investment banks to suit the needs of Danish life and pension (L&P) companies, which must comply with the traffic...... 2006, and supervisory authorities in many other European countries have implemented similar regulation. Traffic light options are therefore likely to attract the attention of a wider audience of pension fund managers in the future. Focusing on the valuation of the traffic light option we set up a Black...... light scenarios. These stress scenarios entail drops in interest rates as well as in stock prices, and traffic light options are thus designed to pay off and preserve sufficient capital when interest rates and stock prices fall simultaneously. Sweden's FSA implemented a traffic light system in January...

  6. 77 FR 1107 - Self-Regulatory Organizations; Options Clearing Corporation; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2012-01-09

    ... Options Exchange have six customizable terms: (1) underlying index, (2) put or call, (3) expiration date..., and because the customizable terms of these OTC options are relatively limited and the range of values that customizable terms may be given is limited, OCC does not believe that valuation and risk...

  7. To put nuclear technical expertise at the service of local authorities

    International Nuclear Information System (INIS)

    Laffin, R.; Domeneghetti, B.

    2016-01-01

    The MARN (Mission of support for the management of the nuclear risk) was founded in 1995 to assure the interface between the actors of the nuclear world (nuclear power plant operators, ASN and IRSN) and official bodies at the national scale (ministry of interior) or local scale (prefecture). The MARN takes part in the definition of the crisis exercises and is in charge of organizing the simulation of the media pressure during the exercise. The MARN can also intervene in a real nuclear crisis and its work consists in putting into perspective the technical appreciations and recommendations of nuclear experts and to translate them into operational options for the Prefect. (A.C.)

  8. Neutrons put the brakes on stress

    International Nuclear Information System (INIS)

    Gill, Katynna

    2006-01-01

    Don't you hate it when you're driving along, put your foot on the brake and feel that juddering feeling through the pedal? It happens when the disc brake rotors become distorted through normal use of the brakes. To the car manufacturing industry it's called r unout , and is a multimillion dollar warranty problem each year. Not to mention a pain for drivers! Dr Maurice Ripley and Dr Oliver Kirstein from the Australian Nuclear Science and Technology Organisation (ANSTO) wanted to figure out whether runout is caused by residual stresses from the manufacturing process or by normal use of the brake, so they decided to test and compare a used and new brake disc. 'To picture what metal looks like at the atomic level, imagine spheres stacked evenly around each other in all three dimensions,' explained Kirstein. T he spheres represent atoms in the metal and the structure is called a metallic lattice.' We're familiar with the idea that metal expands when it gets hot - the atoms get excited with the heat and have the energy to move further away from each other, so spaces between the atoms in the lattice get larger. 'When parts of the metal are heated up and cool down at different rates, you may end up with a distorted lattice with some parts expanded and others not,' explained Kirstein. 'This unevenness in the lattice creates residual stress.' While a bunch of methods were available to test the discs, Kirstein and Ripley picked neutrons from ANSTO's HIFAR (High Flux Australian Reactor) as their tool of choice. 'Neutrons allow us to look at the inside of the metal without damaging it,' said Kirstein. 'They can penetrate through the iron, so we were able to take measurements at a series of points at different depths through the brake disc.' Word around the car industry is that when residual stresses are relaxed through heating of the brake disc during use, the discs could potentially distort, causing the runout and that juddering feeling. But everyone was clueless as to what

  9. 2005 resource options report

    International Nuclear Information System (INIS)

    Morris, T.

    2005-01-01

    This resource options report (ROR) fulfils regulatory requirements in British Columbia's two-year resource planning process. It identifies a wide range of resources and technologies that could be used to meet BC Hydro's future electricity demand. As such, it facilitates a transparent public review of resource options which include both supply-side and demand-side options. The resource options that will be used in the 2005 integrated electricity plan (IEP) were characterized. This ROR also documents where there is a general agreement or disagreement on the resource type characterization, based on the First Nations and Stakeholder engagement. BC Hydro used current information to provide realistic ranges on volume and cost to characterize environmental and social attributes. The BC Hydro system was modelled to assess the benefit and cost of various resource options. The information resulting from this ROR and IEP will help in making decisions on how to structure competitive acquisition calls and to determine the level of transmission services needed to advance certain BC Hydro projects. The IEP forecasts the nature and quantity of domestic resources required over the next 20 years. A strategic direction on how those needs will be met has been created to guide the management of BC Hydro's energy resources. Supply-side options include near-commercial technologies such as energy storage, ocean waves, tidal, fuel cells and integrated coal gasification combined cycle technology. Supply-side options also include natural gas, coal, biomass, geothermal, wind, and hydro. 120 refs., 39 tabs., 21 figs., 6 appendices

  10. Expensing options solves nothing.

    Science.gov (United States)

    Sahlman, William A

    2002-12-01

    The use of stock options for executive compensation has become a lightning rod for public anger, and it's easy to see why. Many top executives grew hugely rich on the back of the gains they made on their options, profits they've been able to keep even as the value they were supposed to create disappeared. The supposed scam works like this: Current accounting regulations let companies ignore the cost of option grants on their income statements, so they can award valuable option packages without affecting reported earnings. Not charging the cost of the grants supposedly leads to overstated earnings, which purportedly translate into unrealistically high share prices, permitting top executives to realize big gains when they exercise their options. If an accounting anomaly is the problem, then the solution seems obvious: Write off executive share options against the current year's revenues. The trouble is, Sahlman writes, expensing option grants won't give us a more accurate view of earnings, won't add any information not already included in the financial statements, and won't even lead to equal treatment of different forms of executive pay. Far worse, expensing evades the real issue, which is whether compensation (options and other-wise) does what it's supposed to do--namely, help a company recruit, retain, and provide the right people with appropriate performance incentives. Any performance-based compensation system has the potential to encourage cheating. Only ethical management, sensible governance, adequate internal control systems, and comprehensive disclosure will save the investor from disaster. If, Sahlman warns, we pass laws that require the expensing of options, thinking that's fixed the fundamental flaws in corporate America's accounting, we will have missed a golden opportunity to focus on the much more extensive defects in the present system.

  11. Early Option Exercise

    DEFF Research Database (Denmark)

    Heje Pedersen, Lasse; Jensen, Mads Vestergaard

    A classic result by Merton (1973) is that, except just before expiration or dividend payments, one should never exercise a call option and never convert a convertible bond. We show theoretically that this result is overturned when investors face frictions. Early option exercise can be optimal when...... it reduces short-sale costs, transaction costs, or funding costs. We provide consistent empirical evidence, documenting billions of dollars of early exercise for options and convertible bonds using unique data on actual exercise decisions and frictions. Our model can explain as much as 98% of early exercises...

  12. Early Option Exercise

    DEFF Research Database (Denmark)

    Jensen, Mads Vestergaard; Heje Pedersen, Lasse

    2016-01-01

    A classic result by Merton (1973) is that, except just before expiration or dividend payments, one should never exercise a call option and never convert a convertible bond. We show theoretically that this result is overturned when investors face frictions. Early option exercise can be optimal when...... it reduces short-sale costs, transaction costs, or funding costs. We provide consistent empirical evidence, documenting billions of dollars of early exercise for options and convertible bonds using unique data on actual exercise decisions and frictions. Our model can explain as much as 98% of early exercises...

  13. Effect of Putting Grip on Eye and Head Movements During the Golf Putting Stroke

    Directory of Open Access Journals (Sweden)

    George K. Hung

    2003-01-01

    Full Text Available The objective of this article is to determine the effect of three different putting grips (conventional, cross-hand, and one-handed on variations in eye and head movements during the putting stroke. Seven volunteer novice players, ranging in age from 21 to 22 years, participated in the study. During each experimental session, the subject stood on a specially designed platform covered with artificial turf and putted golf balls towards a standard golf hole. The three different types of grips were tested at two distances: 3 and 9 ft. For each condition, 20 putts were attempted. For each putt, data were recorded over a 3-s interval at a sampling rate of 100 Hz. Eye movements were recorded using a helmet-mounted eye movement monitor. Head rotation about an imaginary axis through the top of the head and its center-of-rotation was measured by means of a potentiometer mounted on a fixed frame and coupled to the helmet. Putter-head motion was measured using a linear array of infrared phototransistors embedded in the platform. The standard deviation (STD, relative to the initial level was calculated for eye and head movements over the duration of the putt (i.e., from the beginning of the backstroke, through the forward stroke, to impact. The averaged STD for the attempted putts was calculated for each subject. Then, the averaged STDs and other data for the seven subjects were statistically compared across the three grip conditions. The STD of eye movements were greater (p < 0.1 for conventional than cross-hand (9 ft and one-handed (3 and 9 ft grips. Also, the STD of head movements were greater (p < 0.1; 3 ft for conventional than cross-hand and one-handed grips. Vestibulo-ocular responses associated with head rotations could be observed in many 9 ft and some 3 ft putts. The duration of the putt was significantly longer (p < 0.05; 3 and 9 ft for the one-handed than conventional and cross-hand grips. Finally, performance, or percentage putts made, was

  14. Thermometers: Understand the Options

    Science.gov (United States)

    ... the options Thermometers come in a variety of styles. Understand the different types of thermometers and how ... MA. Fever in infants and children: Pathophysiology and management. http://www.uptodate.com/home. Accessed July 23, ...

  15. Options for human intrusion

    International Nuclear Information System (INIS)

    Bauser, M.; Williams, R.

    1993-01-01

    This paper addresses options for dealing with human intrusion in terms of performance requirements and repository siting and design requirements. Options are presented, along with the advantages and disadvantages of certain approaches. At the conclusion, a conceptual approach is offered emphasizing both the minimization of subjective judgements concerning future human activity, and specification of repository requirements to minimize the likelihood of human intrusion and any resulting, harmful effects should intrusion occur

  16. Nevada Transportation Options Study

    International Nuclear Information System (INIS)

    P. GEHNER; E.M. WEAVER; L. FOSSUM

    2006-01-01

    This study performs a cost and schedule analysis of three Nevada Transportation options that support waste receipt at the repository. Based on the U.S. Department of Energy preference for rail transportation in Nevada (given in the Final Environmental Impact Statement), it has been assumed that a branch rail line would be constructed to support waste receipt at the repository. However, due to potential funding constraints, it is uncertain when rail will be available. The three Nevada Transportation options have been developed to meet a varying degree of requirements for transportation and to provide cost variations used in meeting the funding constraints given in the Technical Direction Letter guidelines for this study. The options include combinations of legal-weight truck, heavy-haul truck, and rail. Option 1 uses a branch rail line that would support initial waste receipt at the repository in 2010. Rail transportation would be the primary mode, supplemented by legal weight trucks. This option provides the highest level of confidence in cost and schedule, lowest public visibility, greatest public acceptability, lowest public dose, and is the recommended option for support of waste receipt. The completion of rail by 2010 will require spending approximately $800 million prior to 2010. Option 2 uses a phased rail approach to address a constrained funding scenario. To meet funding constraints, Option 2 uses a phased approach to delay high cost activities (final design and construction) until after initial waste receipt in 2010. By doing this, approximately 95 percent of the cost associated with completion of a branch rail line is deferred until after 2010. To support waste receipt until a branch rail line is constructed in Nevada, additional legal-weight truck shipments and heavy-haul truck shipments (on a limited basis for naval spent nuclear fuel) would be used to meet the same initial waste receipt rates as in Option 1. Use of heavy-haul shipments in the absence

  17. Options Study - Phase II

    Energy Technology Data Exchange (ETDEWEB)

    R. Wigeland; T. Taiwo; M. Todosow; W. Halsey; J. Gehin

    2010-09-01

    The Options Study has been conducted for the purpose of evaluating the potential of alternative integrated nuclear fuel cycle options to favorably address the issues associated with a continuing or expanding use of nuclear power in the United States. The study produced information that can be used to inform decisions identifying potential directions for research and development on such fuel cycle options. An integrated nuclear fuel cycle option is defined in this study as including all aspects of the entire nuclear fuel cycle, from obtaining natural resources for fuel to the ultimate disposal of used nuclear fuel (UNF) or radioactive wastes. Issues such as nuclear waste management, especially the increasing inventory of used nuclear fuel, the current uncertainty about used fuel disposal, and the risk of nuclear weapons proliferation have contributed to the reluctance to expand the use of nuclear power, even though it is recognized that nuclear power is a safe and reliable method of producing electricity. In this Options Study, current, evolutionary, and revolutionary nuclear energy options were all considered, including the use of uranium and thorium, and both once-through and recycle approaches. Available information has been collected and reviewed in order to evaluate the ability of an option to clearly address the challenges associated with the current implementation and potential expansion of commercial nuclear power in the United States. This Options Study is a comprehensive consideration and review of fuel cycle and technology options, including those for disposal, and is not constrained by any limitations that may be imposed by economics, technical maturity, past policy, or speculated future conditions. This Phase II report is intended to be used in conjunction with the Phase I report, and much information in that report is not repeated here, although some information has been updated to reflect recent developments. The focus in this Options Study was to

  18. Treatment Options for Wilms Tumor

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... come back) after it has been treated. Treatment Option Overview Key Points There are different types of ...

  19. Treatment Options for Myelodysplastic Syndromes

    Science.gov (United States)

    ... special light. Certain factors affect prognosis and treatment options. The prognosis (chance of recovery) and treatment options ... age and general health of the patient. Treatment Option Overview Key Points There are different types of ...

  20. Treatment Option Overview (Prostate Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  1. Treatment Option Overview (Myelodysplastic Syndromes)

    Science.gov (United States)

    ... special light. Certain factors affect prognosis and treatment options. The prognosis (chance of recovery) and treatment options ... age and general health of the patient. Treatment Option Overview Key Points There are different types of ...

  2. Treatment Option Overview (Esophageal Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  3. Treatment Option Overview (Childhood Rhabdomyosarcoma)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  4. Treatment Option Overview (Penile Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  5. Treatment Option Overview (Vulvar Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  6. Treatment Option Overview (Pancreatic Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  7. Treatment Option Overview (Adrenocortical Carcinoma)

    Science.gov (United States)

    ... affect the prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  8. Treatment Options for Childhood Rhabdomyosarcoma

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  9. Treatment Options for Kaposi Sarcoma

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  10. Treatment Options for Childhood Craniopharyngioma

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... the brain where it was first found. Treatment Option Overview Key Points There are different types of ...

  11. 20 CFR 416.2035 - Optional supplementation: Additional State options.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Optional supplementation: Additional State options. 416.2035 Section 416.2035 Employees' Benefits SOCIAL SECURITY ADMINISTRATION SUPPLEMENTAL... § 416.2035 Optional supplementation: Additional State options. (a) Residency requirement. A State or...

  12. Novel preventive treatment options

    DEFF Research Database (Denmark)

    Longbottom, C; Ekstrand, K; Zero, D

    2009-01-01

    A number of novel preventive treatment options which, as with traditional methods, can be differentiated into 3 categories of prevention (primary, secondary and tertiary), have been and are being currently investigated. Those reviewed are either commercially available or appear relatively close...... of these techniques show considerable promise and dentists should be aware of these developments and follow their progress, the evidence for each of these novel preventive treatment options is currently insufficient to make widespread recommendations. Changes in dental practice should be explored to see how oral...

  13. Tank Space Options Report

    International Nuclear Information System (INIS)

    BOYLES, V.C.

    2001-01-01

    A risk-based priority for the retrieval of Hanford Site waste from the 149 single-shell tanks (SSTs) has been adopted as a result of changes to the Hanford Federal Facility Agreement and Consent Order (HFFACO) (Ecology et al. 1997) negotiated in 2000. Retrieval of the first three tanks in the retrieval sequence fills available capacity in the double-shell tanks (DSTs) by 2007. As a result, the HFFACO change established a milestone (M-45-12-TO1) requiring the determination of options that could increase waste storage capacity for single-shell tank waste retrieval. The information will be considered in future negotiations. This document fulfills the milestone requirement. This study presents options that were reviewed for the purpose of increasing waste storage capacity. Eight options are identified that have the potential for increasing capacity from 5 to 10 million gallons, thus allowing uninterrupted single-shell tank retrieval until the planned Waste Treatment Plant begins processing substantial volumes of waste from the double-shell tanks in 2009. The cost of implementing these options is estimated to range from less than $1 per gallon to more than $14 per gallon. Construction of new double-shell tanks is estimated to cost about $63 per gallon. Providing 5 to 10 million gallons of available double-shell tank space could enable early retrieval of 5 to 9 high-risk single-shell tanks beyond those identified for retrieval by 2007. These tanks are A-101, AX-101, AX-103, BY-102, C-107, S-105, S-106, S-108, and S-109 (Garfield et al. 2000). This represents a potential to retrieve approximately 14 million total curies, including 3,200 curies of long-lived mobile radionuclides. The results of the study reflect qualitative analyses conducted to identify promising options. The estimated costs are rough-order-of magnitude and, therefore, subject to change. Implementing some of the options would represent a departure from the current baseline and may adversely impact the

  14. Alternative energy options

    International Nuclear Information System (INIS)

    Bennett, K.F.

    1983-01-01

    It is accepted that coal will continue to play the major role in the supply of energy to the country for the remainder of the century. In this paper, however, emphasis has been directed to those options which could supplement coal in an economic and technically sound manner. The general conclusion is that certain forms of solar energy hold the most promise and it is in this direction that research, development and implementation programmes should be directed. Tidal energy, fusion energy, geothermal energy, hydrogen energy and fuel cells are also discussed as alternative energy options

  15. Thermal test options

    International Nuclear Information System (INIS)

    Koski, J.A.; Keltner, N.R.; Sobolik, K.B.

    1993-02-01

    Shipping containers for radioactive materials must be qualified to meet a thermal accident environment specified in regulations, such at Title 10, Code of Federal Regulations, Part 71. Aimed primarily at the shipping container design, this report discusses the thermal testing options available for meeting the regulatory requirements, and states the advantages and disadvantages of each approach. The principal options considered are testing with radiant heat, furnaces, and open pool fires. The report also identifies some of the facilities available and current contacts. Finally, the report makes some recommendations on the appropriate use of these different testing methods

  16. Lighting Options for Homes.

    Energy Technology Data Exchange (ETDEWEB)

    Baker, W.S.

    1991-04-01

    This report covers many aspects of various lighting options for homes. Types of light sources described include natural light, artificial light, incandescent lamps, fluorescent lamps, and high intensity discharge lamps. A light source selection guide gives the physical characteristics of these, design considerations, and common applications. Color, strategies for efficient lighting, and types of lighting are discussed. There is one section giving tips for various situations in specific rooms. Rooms and types of fixtures are shown on a matrix with watts saved by using the recommended type lighting for that room and room location. A major emphasis of this report is saving energy by utilizing the most suitable, recommended lighting option. (BN)

  17. Put reading first: Positive effects of direct instruction and scaffolding ...

    African Journals Online (AJOL)

    Put reading first: Positive effects of direct instruction and scaffolding for ESL learners struggling with reading. ... are intended to open up for debate a topic of critical importance to the country's education system. ... AJOL African Journals Online.

  18. Risky Drinking Can Put a Chill on Your Summer Fun

    Science.gov (United States)

    ... on Your Summer Fun Print version Risky Drinking Can Put a Chill on Your Summer Fun Summer ... adults involve the use of alcohol. 1 Swimmers can get in over their heads. Alcohol impairs judgment ...

  19. Putting Knowledge to Work: Collaborating, Influencing and Learning ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    2017-02-15

    Feb 15, 2017 ... Download PDF ... Putting Knowledge to Work explores how the brains of such ... She previously worked with Statistics Canada, Graybridge Malkam, Citizenship and Immigration Canada, and Human Resources and Skills ...

  20. Mixed waste management options

    International Nuclear Information System (INIS)

    Owens, C.B.; Kirner, N.P.

    1992-01-01

    Currently, limited storage and treatment capacity exists for commercial mixed waste streams. No commercial mixed waste disposal is available, and it has been estimated that if and when commercial mixed waste disposal becomes available, the costs will be high. If high disposal fees are imposed, generators may be willing to apply extraordinary treatment or regulatory approaches to properly dispose of their mixed waste. This paper explores the feasibility of several waste management scenarios and management options. Existing data on commercially generated mixed waste streams are used to identify the realm of mixed waste known to be generated. Each waste stream is evaluated from both a regulatory and technical perspective in order to convert the waste into a strictly low-level radioactive or a hazardous waste. Alternative regulatory approaches evaluated in this paper include a delisting petition) no migration petition) and a treatability variance. For each waste stream, potentially available treatment options are identified that could lead to these variances. Waste minimization methodology and storage for decay are also considered. Economic feasibility of each option is discussed broadly. Another option for mixed waste management that is being explored is the feasibility of Department of Energy (DOE) accepting commercial mixed waste for treatment, storage, and disposal. A study has been completed that analyzes DOE treatment capacity in comparison with commercial mixed waste streams. (author)

  1. Strategic growth options

    NARCIS (Netherlands)

    Kulatilaka, N.; Perotti, E.C.

    1998-01-01

    We provide a strategic rationale for growth options under uncertainty and imperfect corn-petition. In a market with strategic competition, investment confers a greater capability to take advantage of future growth opportunities. This strategic advantage leads to the capture of a greater share of the

  2. New Options, Old Concerns.

    Science.gov (United States)

    O'Neil, John

    1996-01-01

    Will greater school choice result in more responsive, higher quality schools and happier parents? Or will proliferating options further sort students and families by race, social class, and special interest? Increasingly, education is viewed as a private good. If parents become autonomous, self-interested consumers, erosion of common purposes and…

  3. Heterogeneity and option pricing

    NARCIS (Netherlands)

    Benninga, Simon; Mayshar, Joram

    2000-01-01

    An economy with agents having constant yet heterogeneous degrees of relative risk aversion prices assets as though there were a single decreasing relative risk aversion pricing representative agent. The pricing kernel has fat tails and option prices do not conform to the Black-Scholes formula.

  4. Option Pricing and Momentum

    NARCIS (Netherlands)

    Rodriguez, J.C.

    2007-01-01

    If managers are reluctant to fully adjust dividends to changes in earnings, stock returns and changes in the dividend yield will tend to be negatively correlated. When this is the case, stock returns will exhibit positive autocorrelation, or mo- mentum. This paper studies the pricing of options in

  5. Idaho's Energy Options

    Energy Technology Data Exchange (ETDEWEB)

    Robert M. Neilson

    2006-03-01

    This report, developed by the Idaho National Laboratory, is provided as an introduction to and an update of the status of technologies for the generation and use of energy. Its purpose is to provide information useful for identifying and evaluating Idaho’s energy options, and for developing and implementing Idaho’s energy direction and policies.

  6. Real options methodology in public-private partnership projects valuation

    Directory of Open Access Journals (Sweden)

    Rakić Biljana

    2014-01-01

    Full Text Available PPP offers numerous benefits to both public and private partners in delivery of infrastructure projects. However this partnership also involves great risks which have to be adequately managed and mitigated. Private partners are especially sensitive to revenue risk, since they are mostly interested in the financial viability of the project. Thus they often expect public partners to provide some kind of risk-sharing mechanism in the form of Minimum Revenue Guarantees or abandonment options. The objective of this paper is to investigate whether the real option of abandoning the project increases its value. Therefore the binominal option pricing model and risk-neutral probability approach have been implemented to price the European and American abandonment options for the Build-Operate-Transfer (BOT toll road investment. The obtained results suggest that the project value with the American abandonment option is greater than with the European abandonment option, hence implying that American options offer greater flexibility and are more valuable for private partners. [Projekat Ministarstva nauke Republike Srbije, br. 179066 and III 42006

  7. Arab American women's lived experience with early-stage breast cancer diagnosis and surgical treatment.

    Science.gov (United States)

    Obeidat, Rana Fakhri; Lally, Robin M; Dickerson, Suzanne S

    2012-01-01

    Currently, limited literature addresses Arab American women's responses to the impact of breast cancer and its treatments. The objective of the study was to understand the experience of being diagnosed with and undergoing surgical treatment for early-stage breast cancer among Arab American women. A qualitative interpretive phenomenological research design was used for this study. A purposive sample of 10 Arab American women who were surgically treated for early-stage breast cancer in the United States was recruited. Data were collected using individual interviews and analyzed using the Heideggerian hermeneutical methodology. Arab American women accepted breast cancer diagnosis as something in God's hands that they had no control over. Although they were content with God's will, the women believed that the diagnosis was a challenge that they should confront. The women confronted this challenge by accessing the healthcare system for treatment, putting trust in their physicians, participating when able in treatment decisions, using religious practices for coping, maintaining a positive attitude toward the diagnosis and the treatment, and seeking information. Arab American women's fatalistic beliefs did not prevent them from seeking care and desiring treatment information and options when diagnosed with breast cancer. It is important that healthcare providers encourage patients to express meanings they attribute to their illness to provide them with appropriate supportive interventions. They should also individually assess patients' decision-making preferences, invite them to participate in decision making, and provide them with tailored means necessary for such participation without making any assumptions based on patients' ethnic/cultural background.

  8. Quiet Eye Training Facilitates Competitive Putting Performance in Elite Golfers

    Science.gov (United States)

    Vine, Samuel J.; Moore, Lee J.; Wilson, Mark R.

    2011-01-01

    The aim of this study was to examine the effectiveness of a brief quiet eye (QE) training intervention aimed at optimizing visuomotor control and putting performance of elite golfers under pressure, and in real competition. Twenty-two elite golfers (mean handicap 2.7) recorded putting statistics over 10 rounds of competitive golf before attending training individually. Having been randomly assigned to either a QE training or Control group, participants were fitted with an Applied Science Laboratories Mobile Eye tracker and performed 20 baseline (pre-test) putts from 10 ft. Training consisted of video feedback of their gaze behavior while they completed 20 putts; however the QE-trained group received additional instructions related to maintaining a longer QE period. Participants then recorded their putting statistics over a further 10 competitive rounds and re-visited the laboratory for retention and pressure tests of their visuomotor control and putting performance. Overall, the results were supportive of the efficacy of the QE training intervention. QE duration predicted 43% of the variance in putting performance, underlying its critical role in the visuomotor control of putting. The QE-trained group maintained their optimal QE under pressure conditions, whereas the Control group experienced reductions in QE when anxious, with subsequent effects on performance. Although their performance was similar in the pre-test, the QE-trained group holed more putts and left the ball closer to the hole on missed putts than their Control group counterparts in the pressure test. Importantly, these advantages transferred to the golf course, where QE-trained golfers made 1.9 fewer putts per round, compared to pre-training, whereas the Control group showed no change in their putting statistics. These results reveal that QE training, incorporated into a pre-shot routine, is an effective intervention to help golfers maintain control when anxious. PMID:21713182

  9. Multifractal analysis of implied volatility in index options

    Science.gov (United States)

    Oh, GabJin

    2014-06-01

    In this paper, we analyze the statistical and the non-linear properties of the log-variations in implied volatility for the CAC40, DAX and S& P500 daily index options. The price of an index option is generally represented by its implied volatility surface, including its smile and skew properties. We utilize a Lévy process model as the underlying asset to deepen our understanding of the intrinsic property of the implied volatility in the index options and estimate the implied volatility surface. We find that the options pricing models with the exponential Lévy model can reproduce the smile or sneer features of the implied volatility that are observed in real options markets. We study the variation in the implied volatility for at-the-money index call and put options, and we find that the distribution function follows a power-law distribution with an exponent of 3.5 ≤ γ ≤ 4.5. Especially, the variation in the implied volatility exhibits multifractal spectral characteristics, and the global financial crisis has influenced the complexity of the option markets.

  10. Management options of varicoceles

    Directory of Open Access Journals (Sweden)

    Peter Chan

    2011-01-01

    Full Text Available Varicocele is one of the most common causes of male infertility. Treatment options for varicoceles includes open varicocelectomy performed at various anatomical levels. Laparoscopic varicocelectomy has been established to be a safe and effective treatment for varicoceles. Robotic surgery has been introduced recently as an alternative surgical option for varicocelectomy. Microsurgical varicocelectomy has gained increasing popularity among experts in male reproductive medicine as the treatment of choice for varicocele because of its superior surgical outcomes. There is a growing volume of literature in the recent years on minimal invasive varicocele treatment with percutaneous retrograde and anterograde venous embolization/sclerotherapy. In this review, we will discuss the advantages and limitations associated with each treatment modality for varicoceles. Employment of these advanced techniques of varicocelectomy can provide a safe and effective approach aiming to eliminate varicocele, preserve testicular function and, in a substantial number of men, increase semen quality and the likelihood of pregnancy.

  11. Energy options?; Energie opties?

    Energy Technology Data Exchange (ETDEWEB)

    Van Sark, W. (ed.)

    2006-05-15

    March 2006 the so-called Options Document was published by the Energy research Centre of the Netherlands (ECN) and the Netherlands Environmental Assessment Agency (MNP). The document is an overview of technical options to reduce energy consumption and emission of greenhouse gases up to 2020. Next to a brief summary of the document a few reactions and comments on the contents of the document are given. [Dutch] Maart 2006 publiceerde het Energieonderzoek Centrum Nederland (ECN) en het Milieu- en Natuurplanbureau (MNP) het zogenaamde Optiedocument energie en emissies 2010-2020. Daarin wordt een overzicht gegeven van de technische mogelijkheden voor vermindering van het energieverbruik en de uitstoot van broeikasgassen en luchtverontreinigende stoffen tot 2020. Naast een korte samenvatting van het document worden enkele reacties gegeven op de inhoud.

  12. Evaluating technology service options.

    Science.gov (United States)

    Blumberg, D F

    1997-05-01

    Four service and support options are available to healthcare organizations for maintaining their growth arsenals of medical and information technology. These options include maintaining and servicing all equipment using a facility-based biomedical engineering and MIS service department; using a combination of facility-based service and subcontracted service; expanding facility-based biomedical and MIS service departments to provide service to other healthcare organizations to achieve economies of scale; and outsourcing all maintenance, repair, and technical support services. Independent service companies and original equipment manufacturers (OEMs) are offering healthcare organizations a wider array of service and support capabilities than ever before. However, some health systems have successfully developed their own independent service organizations to take care of their own--and other healthcare organizations'--service and support needs.

  13. Optioner eller betingede aktier?

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Thorsell, Christopher

    2016-01-01

    Incitamentsaflønning – og herunder især aktieaflønning – fortsætter med at tiltrække sig stor opmærksomhed fra en lang række sider. Et spørgsmål, der ofte diskuteres, er selskabernes anvendelse af aktieaflønning, dvs. aflønning med optioner, betingede aktier o. lign. Diskussionerne har blandt andet...

  14. For the last time: stock options are an expense.

    Science.gov (United States)

    Bodie, Zvi; Kaplan, Robert S; Merton, Robert C

    2003-03-01

    Should stock options be recorded as an expense on a company's income statement and balance sheet, or should they remain where they are, relegated to footnotes? The extraordinary boom in share prices during the Internet bubble made critics of option expensing look like spoilsports. But since the crash, the debate has returned with a vengeance. And no wonder: The authors believe the case for expensing options is overwhelming. In this article, Nobel Iaureate Robert Merton, one of the inventors of the Black-Scholes option-pricing model; his coauthor on the classic textbook Finance, Zvi Bodie; and Robert Kaplan, creator of the Balanced Scorecard, examine and dismiss the principal claims put forward by those who continue to oppose options expensing. They demonstrate that stock-option grants do indeed have real cash-flow implications that need to be reported. They show that effective ways certainly exist to quantify those implications. They detail the distortions that relegating stock-option accounting to footnotes creates. And they show why reporting option costs should in no way hamper young companies in their efforts to provide incentives. Options are indeed a powerful incentive, the authors agree, and failing to record a transaction that creates such powerful effects is economically indefensible. Worse, it encourages companies to favor options over alternative incentive systems. It is not the proper role of accounting standards, the authors argue, to distort executive and employee compensation by subsidizing one particular form of compensation and no other. Companies should choose compensation methods according to their economic benefits--not the way they are reported.

  15. Shungnak Energy Configuration Options.

    Energy Technology Data Exchange (ETDEWEB)

    Rosewater, David Martin [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Eddy, John P. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

    2017-10-01

    Power systems in rural Alaska villages face a unique combination of challenges that can increase the cost of energy and lowers energy supply reliability. In the case of the remote village of Shungnak, diesel and heating fuel is either shipped in by barge or flown in by aircraft. This report presents a technical analysis of several energy infrastructure upgrade and modification options to reduce the amount of fuel consumed by the community of Shungnak. Reducing fuel usage saves money and makes the village more resilient to disruptions in fuel supply. The analysis considers demand side options, such as energy efficiency, alongside the installation of wind and solar power generation options. Some novel approaches are also considered including battery energy storage and the use of electrical home heating stoves powered by renewable generation that would otherwise be spilled and wasted. This report concludes with specific recommendations for Shungnak based on economic factors, and fuel price sensitivity. General conclusions are also included to support future work analyzing similar energy challenges in remote arctic regions.

  16. The safeguards options study

    Energy Technology Data Exchange (ETDEWEB)

    Hakkila, E.A.; Mullen, M.F.; Olinger, C.T.; Stanbro, W.D. [Los Alamos National Lab., NM (United States); Olsen, A.P.; Roche, C.T.; Rudolph, R.R. [Argonne National Lab., IL (United States); Bieber, A.M.; Lemley, J. [Brookhaven National Lab., Upton, NY (United States); Filby, E. [Idaho National Engineering Lab., Idaho Falls, ID (United States)] [and others

    1995-04-01

    The Safeguards Options Study was initiated to aid the International Safeguards Division (ISD) of the DOE Office of Arms Control and Nonproliferation in developing its programs in enhanced international safeguards. The goal was to provide a technical basis for the ISD program in this area. The Safeguards Options Study has been a cooperative effort among ten organizations. These are Argonne National Laboratory, Brookhaven National Laboratory, Idaho National Engineering Laboratory, Lawrence Livermore National Laboratory, Los Alamos National Laboratory, Mound Laboratory, Oak Ridge National Laboratory, Pacific Northwest Laboratories, Sandia National Laboratories, and Special Technologies Laboratory. Much of the Motivation for the Safeguards Options Study is the recognition after the Iraq experience that there are deficiencies in the present approach to international safeguards. While under International Atomic Energy Agency (IAEA) safeguards at their declared facilities, Iraq was able to develop a significant weapons program without being noticed. This is because negotiated safeguards only applied at declared sites. Even so, their nuclear weapons program clearly conflicted with Iraq`s obligations under the Nuclear Nonproliferation Treaty (NPT) as a nonnuclear weapon state.

  17. The safeguards options study

    International Nuclear Information System (INIS)

    Hakkila, E.A.; Mullen, M.F.; Olinger, C.T.; Stanbro, W.D.; Olsen, A.P.; Roche, C.T.; Rudolph, R.R.; Bieber, A.M.; Lemley, J.; Filby, E.

    1995-04-01

    The Safeguards Options Study was initiated to aid the International Safeguards Division (ISD) of the DOE Office of Arms Control and Nonproliferation in developing its programs in enhanced international safeguards. The goal was to provide a technical basis for the ISD program in this area. The Safeguards Options Study has been a cooperative effort among ten organizations. These are Argonne National Laboratory, Brookhaven National Laboratory, Idaho National Engineering Laboratory, Lawrence Livermore National Laboratory, Los Alamos National Laboratory, Mound Laboratory, Oak Ridge National Laboratory, Pacific Northwest Laboratories, Sandia National Laboratories, and Special Technologies Laboratory. Much of the Motivation for the Safeguards Options Study is the recognition after the Iraq experience that there are deficiencies in the present approach to international safeguards. While under International Atomic Energy Agency (IAEA) safeguards at their declared facilities, Iraq was able to develop a significant weapons program without being noticed. This is because negotiated safeguards only applied at declared sites. Even so, their nuclear weapons program clearly conflicted with Iraq's obligations under the Nuclear Nonproliferation Treaty (NPT) as a nonnuclear weapon state

  18. How federalism shapes public health financing, policy, and program options.

    Science.gov (United States)

    Ogden, Lydia L

    2012-01-01

    In the United States, fiscal and functional federalism strongly shape public health policy and programs. Federalism has implications for public health practice: it molds financing and disbursement options, including funding formulas, which affect allocations and program goals, and shapes how funding decisions are operationalized in a political context. This article explores how American federalism, both fiscal and functional, structures public health funding, policy, and program options, investigating the effects of intergovernmental transfers on public health finance and programs.

  19. Spent fuel reprocessing options

    International Nuclear Information System (INIS)

    2008-08-01

    The objective of this publication is to provide an update on the latest developments in nuclear reprocessing technologies in the light of new developments on the global nuclear scene. The background information on spent fuel reprocessing is provided in Section One. Substantial global growth of nuclear electricity generation is expected to occur during this century, in response to environmental issues and to assure the sustainability of the electrical energy supply in both industrial and less-developed countries. This growth carries with it an increasing responsibility to ensure that nuclear fuel cycle technologies are used only for peaceful purposes. In Section Two, an overview of the options for spent fuel reprocessing and their level of development are provided. A number of options exist for the treatment of spent fuel. Some, including those that avoid separation of a pure plutonium stream, are at an advanced level of technological maturity. These could be deployed in the next generation of industrial-scale reprocessing plants, while others (such as dry methods) are at a pilot scale, laboratory scale or conceptual stage of development. In Section Three, research and development in support of advanced reprocessing options is described. Next-generation spent fuel reprocessing plants are likely to be based on aqueous extraction processes that can be designed to a country specific set of spent fuel partitioning criteria for recycling of fissile materials to advanced light water reactors or fast spectrum reactors. The physical design of these plants must incorporate effective means for materials accountancy, safeguards and physical protection. Section four deals with issues and challenges related to spent fuel reprocessing. The spent fuel reprocessing options assessment of economics, proliferation resistance, and environmental impact are discussed. The importance of public acceptance for a reprocessing strategy is discussed. A review of modelling tools to support the

  20. Calculation Aspects of the European Rebalanced Basket Option using Monte Carlo Methods: Valuation

    Directory of Open Access Journals (Sweden)

    CJ van der Merwe

    2012-06-01

    Full Text Available Extra premiums can be charged to a client to guarantee a minimum payout of a contract on a portfolio that gets rebalanced on a regular basis back to fixed proportions. The valuation of this premium can be changed to that of the pricing of a European put option with underlying rebalanced portfolio. This article finds the most efficient estimators for the value of this path-dependant multi-asset put option using different Monte Carlo methods. With the help of a refined method, computing time of the value decreased significantly. Furthermore, Variance Reduction Techniques and Quasi-Monte Carlo methods delivered more accurate and faster converging estimates as well.

  1. Deliberating emission reduction options

    Energy Technology Data Exchange (ETDEWEB)

    Dowd, A. M.; Rodriguez, M.; Jeanneret, T. [Commonwealth Scientific and Industrial Research Organisation CSIRO, 37 Graham Rd, Highett VIC 3190 (Australia); De Best-Waldhober, M.; Straver, K.; Mastop, J.; Paukovic, M. [Energy research Centre of the Netherlands ECN, Policy Studies, Amsterdam (Netherlands)

    2012-06-15

    For more than 20 years there has been a concerted international effort toward addressing climate change. International conventions, such as the United Nations Foreign Convention on Climate Change (UNFCCC; ratified in 1994), have been established by committed nations seeking to address global climate change through the reduction of greenhouse gases emitted into the Earth's atmosphere (Global CCS Institute, 2011). Long recognised as the most crucial of the greenhouse gases to impact global warming, the majority of carbon dioxide's anthropogenic global emissions are directly related to fuel combustion of which both Australia and the Netherlands' energy production is significantly reliant. Both these nations will need to consider many opinions and make hard decisions if alternative energy options are to be implemented at the scale that is required to meet international emission targets. The decisions that are required not only need to consider the many options available but also their consequences. Along with politicians, policy developers and industry, the general public also need to be active participants in deciding which energy options, and their subsequent consequences, are acceptable for implementation at the national level. Access to balanced and factual information is essential in establishing informed opinions on the many policy options available. Past research has used several methods to measure public perceptions and opinions yet for complex issues, such as emission reduction, some of these methods have shown to be problematic. For example, semi structured interviews can provide data that is flexible and context rich yet is does also come with the limitations such as it seldom provides a practical assessment that can be utilised from researcher to researcher, across disciplines and public participation techniques. Surveys on the other hand usually address these limitations but surveys that do not encourage comparison of information or ask participants to

  2. Deliberating emission reduction options

    Energy Technology Data Exchange (ETDEWEB)

    Dowd, A.M.; Rodriguez, M.; Jeanneret, T. [Commonwealth Scientific and Industrial Research Organisation CSIRO, 37 Graham Rd, Highett VIC 3190 (Australia); De Best-Waldhober, M.; Straver, K.; Mastop, J.; Paukovic, M. [Energy research Centre of the Netherlands ECN, Policy Studies, Amsterdam (Netherlands)

    2012-06-15

    For more than 20 years there has been a concerted international effort toward addressing climate change. International conventions, such as the United Nations Foreign Convention on Climate Change (UNFCCC; ratified in 1994), have been established by committed nations seeking to address global climate change through the reduction of greenhouse gases emitted into the Earth's atmosphere (Global CCS Institute, 2011). Long recognised as the most crucial of the greenhouse gases to impact global warming, the majority of carbon dioxide's anthropogenic global emissions are directly related to fuel combustion of which both Australia and the Netherlands' energy production is significantly reliant. Both these nations will need to consider many opinions and make hard decisions if alternative energy options are to be implemented at the scale that is required to meet international emission targets. The decisions that are required not only need to consider the many options available but also their consequences. Along with politicians, policy developers and industry, the general public also need to be active participants in deciding which energy options, and their subsequent consequences, are acceptable for implementation at the national level. Access to balanced and factual information is essential in establishing informed opinions on the many policy options available. Past research has used several methods to measure public perceptions and opinions yet for complex issues, such as emission reduction, some of these methods have shown to be problematic. For example, semi structured interviews can provide data that is flexible and context rich yet is does also come with the limitations such as it seldom provides a practical assessment that can be utilised from researcher to researcher, across disciplines and public participation techniques. Surveys on the other hand usually address these limitations but surveys that do not encourage comparison of information or ask

  3. Some remarks on first passage of Levy processes, the American put and pasting principles

    OpenAIRE

    Alili, L.; Kyprianou, A. E.

    2005-01-01

    The purpose of this article is to provide, with the help of a fluctuation identity, a generic link between a number of known identities for the first passage time and overshoot above/below a fixed level of a Lévy process and the solution of Gerber and Shiu [Astin Bull. 24 (1994) 195–220], Boyarchenko and Levendorskiǐ [Working paper series EERS 98/02 (1998), Unpublished manuscript (1999), SIAM J. Control Optim. 40 (2002) 1663–1696], Chan [Original unpublished manuscript (2000)], Avram, Chan a...

  4. Porphyria Treatment Options

    Science.gov (United States)

    ... Nicole Castelano Gregary Edwards Megan Parrish ~ How the dog I didn't want became the dog I'd always dreamed of Darnisha Davenport Liz ... or through the site for commercial or public purposes. The American Porphyria Foundation (APF) Tax Forms 990 ...

  5. Laplace transforms and the American straddle

    Directory of Open Access Journals (Sweden)

    G. Alobaidi

    2002-01-01

    partial Laplace transform techniques due to Evans et al. (1950 to derive a pair of integral equations giving the locations of the optimal exercise boundaries for an American straddle option with a constant dividend yield.

  6. Treatment Options for Actinic Keratosis

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) depends mostly on ... helped by lip balm or petroleum jelly . Treatment Option Overview Key Points There are different types of ...

  7. Treatment Option Overview (Vaginal Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) depends on the ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  8. Treatment Option Overview (Anal Cancer)

    Science.gov (United States)

    ... affect the prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) depends on the ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  9. The Ideology of the American Dream: Two Competing Philosophies in Education, 1776-2006

    Science.gov (United States)

    Beach, J. M.

    2007-01-01

    This article puts forth 2 competing notions of the American Dream, 1 radical and 1 conservative (both put forth by Thomas Jefferson), as the basis for 2 competing public philosophies of American democracy and education. This article traces out the ecology of inequality that has determined the context of these 2 competing public philosophies,…

  10. The information content of options

    OpenAIRE

    Navon, Yonatan

    2017-01-01

    The objective of this thesis is to examine the information content of stock options in financial markets. A key question in financial economics is how information diffuses across markets and how quickly it is reflected in security prices. This thesis aims at exploring this question by investigating the informational role that options play in financial markets. This is achieved by exploring the joint cross section of option and bond prices, the informational role of options in seasoned equity ...

  11. Balancing of solar heating options

    NARCIS (Netherlands)

    Veltkamp, W.B.; van Koppen, C.W.J.; Ouden, den C.

    1984-01-01

    In the field of energy conservation many options are presently competing. This study aims at providing more rational criteria for selection between these options.The options considered are; insulation of the walls, regeneration of the heat in the waste air, double glazing, attached sunspace at the

  12. Stock option repricing in Europe

    NARCIS (Netherlands)

    Sauer, M.; Sautner, Z.

    2008-01-01

    This paper investigates the link between option repricing, firm performance and corporate governance in Europe. Our sample consists of 77 European firms that repriced their stock option between 1987 and 2003. We document that option repricing is mainly a phenomenon for young and fast growing firms

  13. Flexible Multilingual Education: Putting Children's Needs First

    Science.gov (United States)

    Weber, Jean-Jacques

    2014-01-01

    This book examines the benefits of multilingual education that puts children's needs and interests above the individual languages involved. It advocates flexible multilingual education, which builds upon children's actual home resources and provides access to both the local and global languages that students need for their educational and…

  14. Some particular problems put by operating experimental reactors

    International Nuclear Information System (INIS)

    Candiotti, C.; Mabeix, R.; Uguen, R.

    1960-01-01

    On basis of a six years experience in operating research reactors, the authors explain, first, the difference in their utilization between these piles and another similar ones and, after, in consequence, they set off corresponding servitudes. These servitudes put very particular problems in operating itself, maintenance, modifications or additions on these apparatus. (author) [fr

  15. "Big Bang"test put off until May 2008

    CERN Multimedia

    2007-01-01

    "First tests in a scientific project aimed at solving mysteries of the universe and the "Big Bang" which created it have been put off from November to late april or early May next year, an official said yesterday." (2/3 page)

  16. PUTTING COMMUNICATION FRONT AND CENTER IN INSTITUTIONAL THEORY AND ANALYSIS

    NARCIS (Netherlands)

    Cornelissen, J.P.; Durand, R.; Fiss, P.C.; Lammers, J.C.; Vaara, E.

    2015-01-01

    We conceptualize the roots of cognitive, linguistic, and communicative theories of institutions and outline the promise and potential of a stronger communication focus for institutional theory. In particular, we outline a theoretical approach that puts communication at the heart of theories of

  17. Contemplating future energy options

    International Nuclear Information System (INIS)

    Pooley, D.

    2005-01-01

    All political parties in the UK accept that we should move away from our reliance on fossil fuels towards a much greater use of alternative energy technologies. Nuclear power is one of these but finds minimal support in the political spectrum. The article reviews the European Commission's Advisory Group on Energy submission to the EC's report entitled 'Key Tasks for European Energy R and D'. The 'strength and weaknesses' of the various 'alternative energy' systems (including nuclear power) are summarised and then the key R and D tasks which, if they are carried out successfully, should make the eight selected technologies significantly more attractive. However, the message here is clear enough: there are no easy options, only a range of very imperfect possibilities, despite what enthusiastic proponents of each may say. Nuclear fission is certainly one of the most attractive options available, but the industry needs to continue to strive to eliminate the possibility of significant off-site releases, whether caused by plant failure or by human error or intention, and to prove beyond reasonable doubt the safety of high-level radioactive waste disposal. (author)

  18. Achalasia: Treatment Options Revisited

    Directory of Open Access Journals (Sweden)

    Willemijntje A Hoogerwerf

    2000-01-01

    Full Text Available The aim of all current forms of treatment of achalasia is to enable the patient to eat without disabling symptoms such as dysphagia, regurgitation, coughing or choking. Historically, this has been accomplished by mechanical disruption of the lower esophageal sphincter fibres, either by means of pneumatic dilation (PD or by open surgical myotomy. The addition of laparoscopic myotomy and botulinum toxin (BTX injection to the therapeutic armamentarium has triggered a recent series of reviews to determine the optimal therapeutic approach. Both PD and BTX have excellent short term (less than three months efficacy in the majority of patients. New data have been published that suggest that PD and BTX (with repeat injections can potentially obtain long term efficacy. PD is still considered the first-line treatment by most physicians; its main disadvantage is risk of perforation. BTX injection is evolving as an excellent, safe option for patients who are considered high risk for more invasive procedures. Laparoscopic myotomy with combined antireflux surgery is an increasingly attractive option in younger patients with achalasia, but long term follow-up studies are required to establish its efficacy and the potential for reflux-related sequelae.

  19. Retrieval options study

    Energy Technology Data Exchange (ETDEWEB)

    1980-03-01

    This Retrieval Options Study is part of the systems analysis activities of the Office of Nuclear Waste Isolation to develop the scientific and technological bases for radioactive waste repositories in various geologic media. The study considers two waste forms, high level waste and spent fuel, and defines various classes of waste retrieval and recovery. A methodology and data base are developed which allow the relative evaluation of retrieval and recovery costs and the following technical criteria: safety; technical feasibility; ease of retrieval; probable intact retrieval time; safeguards; monitoring; criticality; and licensability. A total of 505 repository options are defined and the cost and technical criteria evaluated utilizing a combination of facts and engineering judgments. The repositories evaluated are selected combinations of the following parameters: Geologic Media (salt, granite, basalt, shale); Retrieval Time after Emplacement (5 and 25 years); Emplacement Design (nominal hole, large hole, carbon steel canister, corrosion resistant canister, backfill in hole, nominal sleeves, thick wall sleeves); Emplacement Configuration (single vertical, multiple vertical, single horizontal, multiple horizontal, vaults; Thermal Considerations; (normal design, reduced density, once-through ventilation, recirculated ventilation); Room Backfill; (none, run-of-mine, early, 5 year delay, 25 year delay, decommissioned); and Rate of Retrieval; (same as emplacement, variably slower depending on repository/canister condition).

  20. Retrieval options study

    International Nuclear Information System (INIS)

    1980-03-01

    This Retrieval Options Study is part of the systems analysis activities of the Office of Nuclear Waste Isolation to develop the scientific and technological bases for radioactive waste repositories in various geologic media. The study considers two waste forms, high level waste and spent fuel, and defines various classes of waste retrieval and recovery. A methodology and data base are developed which allow the relative evaluation of retrieval and recovery costs and the following technical criteria: safety; technical feasibility; ease of retrieval; probable intact retrieval time; safeguards; monitoring; criticality; and licensability. A total of 505 repository options are defined and the cost and technical criteria evaluated utilizing a combination of facts and engineering judgments. The repositories evaluated are selected combinations of the following parameters: Geologic Media (salt, granite, basalt, shale); Retrieval Time after Emplacement (5 and 25 years); Emplacement Design (nominal hole, large hole, carbon steel canister, corrosion resistant canister, backfill in hole, nominal sleeves, thick wall sleeves); Emplacement Configuration (single vertical, multiple vertical, single horizontal, multiple horizontal, vaults; Thermal Considerations; (normal design, reduced density, once-through ventilation, recirculated ventilation); Room Backfill; (none, run-of-mine, early, 5 year delay, 25 year delay, decommissioned); and Rate of Retrieval;

  1. Assessment of environmental impact of nuclear and other options for electricity generation in Croatia

    International Nuclear Information System (INIS)

    Feretic, D.; Tomsic, Z.; Kovacevic, T.

    1996-01-01

    Possible scenarios of future electricity production and supply, especially their environmental impact and social acceptability, have recently been put in the focus of overall interest. This paper analyzes the air impact and costs of possible developing options, varying the fuel types for future power plants. Nuclear option has also been taken in consideration. Two categories of costs have been introduced: internal cost (investment, O and M and fuel cost) and external cost (monetary equivalent of the environmental damage caused by plant operation). (author)

  2. American Women and American Studies.

    Science.gov (United States)

    Chmaj, Betty E.

    The American Studies Association (ASA) is an interprofessional group, representing a cross-section of persons from American literature, American history, the social sciences, philosophy, archeology, Black Studies, Urban Studies, American Studies, and others. This document by the ASA Commission on the Status of Women includes: (1) a report of the…

  3. Optional Defaultable Markets

    Directory of Open Access Journals (Sweden)

    Mohamed N. Abdelghani

    2017-10-01

    Full Text Available The paper deals with defaultable markets, one of the main research areas of mathematical finance. It proposes a new approach to the theory of such markets using techniques from the calculus of optional stochastic processes on unusual probability spaces, which was not presented before. The paper is a foundation paper and contains a number of fundamental results on modeling of defaultable markets, pricing and hedging of defaultable claims and results on the probability of default under such conditions. Moreover, several important examples are presented: a new pricing formula for a defaultable bond and a new pricing formula for credit default swap. Furthermore, some results on the absence of arbitrage for markets on unusual probability spaces and markets with default are also provided.

  4. Automotive turbogenerator design options

    Energy Technology Data Exchange (ETDEWEB)

    Rodgers, C. [ITC, San Diego, CA (United States); McDonald, C. [McDonald Thermal Engineering, La Jolla, CA (United States)

    1998-12-31

    For the small turbogenerator to find reception in the hybrid electric automotive market its major features must be dominated by the following considerations, low cost, high performance, low emissions, compact size and high reliability. Not meeting the first two criteria has been the nemesis of earlier attempts to introduce the small gas turbine for automotive service. With emphasis on the design for low cost and high performance, this paper presents several turbogenerator design flowpath configuration options for the major engine components. The projected evolution from today`s state-of-the-art all metallic engines, to advanced technology ceramic units for service in the early decade of the 21st century, is the major topic of this paper. (author)

  5. The Gel Generator option

    International Nuclear Information System (INIS)

    Boyd, R.E.

    1999-01-01

    The development of a national policy for guaranteeing an ample supply of 99m Tc to nuclear medicine, involves issues which go beyond the means by which radioactivation is achieved. Indeed, in such an exercise the pragmatic dictates of business and the sensitivities of politics must also be taken into account. Furthermore where a preference towards the nuclear reactor or the potential of cyclotrons is being questioned, the debate is incomplete if the only options that are considered are the fission-based 99 Mo generator versus the direct cyclotron production of 99m Tc. There is a third option (also neutron γ-based), an alternative to the fission 99 Mo generator, which ought not be overlooked. The application of low specific activity (n,γ) 99 Mo to a new type of generator, the Gel Generator, has been the focus of much research, particularly in Australia and more recently in China. After the initial concept had been established in the laboratory, the Australian researchers then undertook a comprehensive program of tests on the Gel Generator to assess its potential, either in the clinical laboratory or the centralised radiopharmacy, for supplying 99m Tc suitable for nuclear medicine. The outcome of this program was a clear indication that the Gel Generator innovation had the capability to provide both technical and economic advantages to the nuclear medicine industry. These advantages are described. Since that time the Gel Generator has been selected for routine use in China where it now satisfies more than 30% of the 99m Tc demand. (author)

  6. Transportation Options | Climate Neutral Research Campuses | NREL

    Science.gov (United States)

    Transportation Options Transportation Options Transportation to, from, and within a research campus from business travel often enlarge the footprint more than expected. To understand options for climate

  7. American Samoa Energy Action Plan

    Energy Technology Data Exchange (ETDEWEB)

    Haase, Scott [National Renewable Energy Lab. (NREL), Golden, CO (United States); Esterly, Sean [National Renewable Energy Lab. (NREL), Golden, CO (United States); Herdrich, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bodell, Tim [National Renewable Energy Lab. (NREL), Golden, CO (United States); Visser, Charles [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2013-08-01

    Describes the five near-term strategies selected by the American Samoa Renewable Energy Committee (ASREC) during action planning workshops conducted in May 2013, and outlines the actions being taken to implement those strategies. Each option is tied to a priority identified in the earlier draft American Samoa Strategic Energy Plan as being an essential component of reducing American Samoa'spetroleum energy consumption. The actions described for each strategy provide a roadmap to facilitate the implementation of each strategy. This document is intended to evolve along with the advancement of the projects, and will be updated to reflect progress.

  8. Valuation of wind power distributed generation by using Longstaff–Schwartz option pricing method

    International Nuclear Information System (INIS)

    Díaz, Guzmán; Moreno, Blanca; Coto, José; Gómez-Aleixandre, Javier

    2015-01-01

    Highlights: • We analyze the economic value of wind power distributed generation (DG) projects. • Unlike NPV, RO approach accounts for the flexibility for decision-making. • We adapt Longstaff–Schwartz (LS) option pricing to multivariate wind power setting. • LS finds optimal times for DG investment under revenue uncertainty and decaying costs. • We find this method best suited for valuating DG projects of expected low revenue. - Abstract: In the context of decaying capital cost and uncertain revenues, prospective valuation of a wind power distributed generation (DG) project is difficult. The conventional net present value (NPV) presents a static picture that does not account for the value of waiting for better market conditions to proceed with a DG investment. On the contrary, real options (RO) analysis does account for the managerial flexibility to switch between options over the investment horizon. In this paper we argue that the value of a DG wind-based project can be revisited by means of Longstaff–Schwartz method, originally intended for the evaluation of American financial options. The adaption of this method to the wind power DG setting provides a means for (i) efficiently dealing with the several stochastic processes involved (spot electricity prices and possibly various wind speed processes) avoiding the curse of dimensionality, (ii) accounting for the decaying capital cost of DG, and (iii) solving the perfect foresight problem presented by Monte Carlo conventional simulations. We present in this paper the procedure to follow when applying the method to the wind power DG setting. Particularly, we discuss the standardization of the wind speed and spot price processes, and the advantages of building a state space model that includes all the correlated processes by adequately transforming Box–Jenkins and Ornstein–Uhlenbeck models. Also we discuss the representation of the capital cost forecast by means of learning curves. On the whole, we

  9. The role of anxiety in golf putting performance

    OpenAIRE

    Kenny, Ian; MacNamara, Aine; Shafat, Amir; Dunphy, Orla; Murphy, Sinead; O'Connor, Kenneth; Ryan, Tara; Waldron, Gerry

    2009-01-01

    peer-reviewed INTRODUCTION: Anxiety???s influence on performance continues to be one of the main research interests for sport psychologists (Hanin, 2000). It is apparent, though, that there is a lack of empirical research characterising the multi-disciplinary effect of anxiety on sports performance. The current study aimed to ascertain biomechanical (accuracy, movement variability) and psychological (anxiety) markers to determine how anxiety affects golf putting. METHOD: 22 healthy s...

  10. 78 FR 27453 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-05-10

    ... selling. \\8\\ Parity is the intrinsic value of an option when it is in- the-money. With respect to puts, it... contracts x 100 multiplier) Under proposed rule: Customer A would be able to choose to have the B10 GOOG May...

  11. Haitian Americans.

    Science.gov (United States)

    Catanese, Anthony V.

    1998-01-01

    Uses 1990 U.S. Census data to show the changing demographic profile of Haitian Americans. Haitian Americans are likely to live along the Atlantic seaboard and to have relatively low, although not the lowest, incomes. However, the demographic mosaic of Haitian Americans is diverse, showing the effects of Haitian national and ethnic history. (SLD)

  12. Distance and slope constraints: adaptation and variability in golf putting.

    Science.gov (United States)

    Dias, Gonçalo; Couceiro, Micael S; Barreiros, João; Clemente, Filipe M; Mendes, Rui; Martins, Fernando M

    2014-07-01

    The main objective of this study is to understand the adaptation to external constraints and the effects of variability in a golf putting task. We describe the adaptation of relevant variables of golf putting to the distance to the hole and to the addition of a slope. The sample consisted of 10 adult male (33.80 ± 11.89 years), volunteers, right handed and highly skilled golfers with an average handicap of 10.82. Each player performed 30 putts at distances of 2, 3 and 4 meters (90 trials in Condition 1). The participants also performed 90 trials, at the same distances, with a constraint imposed by a slope (Condition 2). The results indicate that the players change some parameters to adjust to the task constraints, namely the duration of the backswing phase, the speed of the club head and the acceleration at the moment of impact with the ball. The effects of different golf putting distances in the no-slope condition on different kinematic variables suggest a linear adjustment to distance variation that was not observed when in the slope condition.

  13. Testing option pricing with the Edgeworth expansion

    Science.gov (United States)

    Balieiro Filho, Ruy Gabriel; Rosenfeld, Rogerio

    2004-12-01

    There is a well-developed framework, the Black-Scholes theory, for the pricing of contracts based on the future prices of certain assets, called options. This theory assumes that the probability distribution of the returns of the underlying asset is a Gaussian distribution. However, it is observed in the market that this hypothesis is flawed, leading to the introduction of a fudge factor, the so-called volatility smile. Therefore, it would be interesting to explore extensions of the Black-Scholes theory to non-Gaussian distributions. In this paper, we provide an explicit formula for the price of an option when the distributions of the returns of the underlying asset is parametrized by an Edgeworth expansion, which allows for the introduction of higher independent moments of the probability distribution, namely skewness and kurtosis. We test our formula with options in the Brazilian and American markets, showing that the volatility smile can be reduced. We also check whether our approach leads to more efficient hedging strategies of these instruments.

  14. Option-implied term structures

    OpenAIRE

    Vogt, Erik

    2014-01-01

    The illiquidity of long-maturity options has made it difficult to study the term structures of option spanning portfolios. This paper proposes a new estimation and inference framework for these option-implied term structures that addresses long-maturity illiquidity. By building a sieve estimator around the risk-neutral valuation equation, the framework theoretically justifies (fat-tailed) extrapolations beyond truncated strikes and between observed maturities while remaining nonparametric. Ne...

  15. Portfolio insurance using traded options

    OpenAIRE

    Machado-Santos, Carlos

    2001-01-01

    Literature concerning the institutional use of options indicates that the main purpose of option trading is to provide investors with the opportunity to create return distributions previously unavailable, considering that options provide the means to manipulate portfolio returns. In such a context, this study intends to analyse the returns of insured portfolios generated by hedging strategies on underlying stock portfolios. Because dynamic hedging is too expensive, we have hedged the stock po...

  16. Synroc processing options

    International Nuclear Information System (INIS)

    Rozsa, R.B.; Hoenig, C.L.

    1981-01-01

    Synroc is a titanate-based ceramic material currently being developed for immobilizing high-level nuclear reactor wastes in solid form. Synroc D is a unique variation of Synroc. It can contain the high-level defense wastes, particularly those in storage at the Savannah River Plant. In this report, we review the early development of the initial Synroc process, discuss modification and other options that simplify it overall, and recommend the future direction of research and development in the processing area. A reference Synroc process is described briefly and contrasted with the Savannah River Laboratory glass-based reference case. Preliminary engineering layouts show Synroc to be a more complex processing operation and, thus, more expensive than the glass-based process. However, we believe that simplifications, which will significantly reduce the cost difference, are possible. Further research and development will continue in the areas of slurry processing, fluidized bed calcination, and mineralization. This last will use sintering, hot uniaxial pressing, or hot isostatic pressing

  17. Nuclear technology options

    International Nuclear Information System (INIS)

    Salvatores, Massimo

    2013-01-01

    Different strategies and motivations in different countries have led to diverse options. In Europe the SNETP (Sustainable Nuclear Energy Technology Platform) has the objective of developing R&D supporting GEN-II (present) and GEN-III nuclear systems under development; allowing sustainability and minimisation of waste burden, promoting advanced Gen-IV Fast Reactors; and accounting for a Nuclear Cogeneration Industrial Initiative. A remarkable initiative in the USA has been the promotion of small modular reactors (SMRs) – at less than 300 MWe in capacity, much smaller than typical reactors – which can be an ideal choice for (remote) areas which cannot support a larger reactor. Compact scalable design offers a host of potential safety, construction and economic benefits. More “upbeat” strategies are expected in other areas of the world where significant increase in nuclear energy demand is predicted in the next decades. If this growth materialises, future fuel cycles characteristics, feasibility and acceptability will be crucial. This paper will discuss different scenarios for future fuel cycles, resources optimisation and/or waste minimization, the range from full fast reactor deployment to phase-out, management of spent nuclear fuel and the significant potential benefits of advanced cycles. The next 45 years will be dominated by deployment of standard large or medium size plants operating for 60 years. Available resources do allow it. However, fuel cycle will be a growing and most challenging issue and early assessments will be needed for public acceptance and policy decisions.

  18. Optional carbon capture

    Energy Technology Data Exchange (ETDEWEB)

    Alderson, T.; Scott, S.; Griffiths, J. [Jacobs Engineering, London (United Kingdom)

    2007-07-01

    In the case of IGCC power plants, carbon capture can be carried out before combustion. The carbon monoxide in the syngas is catalytically shifted to carbon dioxide and then captured in a standard gas absorption system. However, the insertion of a shift converter into an existing IGCC plant with no shift would mean a near total rebuild of the gasification waste heat recovery, gas treatment system and HRSG, with only the gasifier and gas turbine retaining most of their original features. To reduce the extent, cost and time taken for the revamping, the original plant could incorporate the shift, and the plant would then be operated without capture to advantage, and converted to capture mode of operation when commercially appropriate. This paper examines this concept of placing a shift converter into an IGCC plant before capture is required, and operating the same plant first without and then later with CO{sub 2} capture in a European context. The advantages and disadvantages of this 'capture ready' option are discussed. 6 refs., 2 figs., 4 tabs.

  19. Treatment Options for Narcolepsy.

    Science.gov (United States)

    Barateau, Lucie; Lopez, Régis; Dauvilliers, Yves

    2016-05-01

    Narcolepsy type 1 and narcolepsy type 2 are central disorders of hypersomnolence. Narcolepsy type 1 is characterized by excessive daytime sleepiness and cataplexy and is associated with hypocretin-1 deficiency. On the other hand, in narcolepsy type 2, cerebrospinal fluid hypocretin-1 levels are normal and cataplexy absent. Despite major advances in our understanding of narcolepsy mechanisms, its current management is only symptomatic. Treatment options may vary from a single drug that targets several symptoms, or multiple medications that each treats a specific symptom. In recent years, narcolepsy treatment has changed with the widespread use of modafinil/armodafinil for daytime sleepiness, antidepressants (selective serotonin and dual serotonin and noradrenalin reuptake inhibitors) for cataplexy, and sodium oxybate for both symptoms. Other psychostimulants can also be used, such as methylphenidate, pitolisant and rarely amphetamines, as third-line therapy. Importantly, clinically relevant subjective and objective measures of daytime sleepiness are required to monitor the treatment efficacy and to provide guidance on whether the treatment goals are met. Associated symptoms and comorbid conditions, such as hypnagogic/hypnopompic hallucinations, sleep paralysis, disturbed nighttime sleep, unpleasant dreams, REM- and non REM-related parasomnias, depressive symptoms, overweight/obesity, and obstructive sleep apnea, should also be taken into account and managed, if required. In the near future, the efficacy of new wake-promoting drugs, anticataplectic agents, hypocretin replacement therapy and immunotherapy at the early stages of the disease should also be evaluated.

  20. Option price and market instability

    Science.gov (United States)

    Baaquie, Belal E.; Yu, Miao

    2017-04-01

    An option pricing formula, for which the price of an option depends on both the value of the underlying security as well as the velocity of the security, has been proposed in Baaquie and Yang (2014). The FX (foreign exchange) options price was empirically studied in Baaquie et al., (2014), and it was found that the model in general provides an excellent fit for all strike prices with a fixed model parameters-unlike the Black-Scholes option price Hull and White (1987) that requires the empirically determined implied volatility surface to fit the option data. The option price proposed in Baaquie and Cao Yang (2014) did not fit the data during the crisis of 2007-2008. We make a hypothesis that the failure of the option price to fit data is an indication of the market's large deviation from its near equilibrium behavior due to the market's instability. Furthermore, our indicator of market's instability is shown to be more accurate than the option's observed volatility. The market prices of the FX option for various currencies are studied in the light of our hypothesis.

  1. Treatment Option Overview (Myelodysplastic/Myeloproliferative Neoplasms)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ...

  2. Probabilistic methods in exotic option pricing

    NARCIS (Netherlands)

    Anderluh, J.H.M.

    2007-01-01

    The thesis presents three ways of calculating the Parisian option price as an illustration of probabilistic methods in exotic option pricing. Moreover options on commidities are considered and double-sided barrier options in a compound Poisson framework.

  3. Computers and Computation. Readings from Scientific American.

    Science.gov (United States)

    Fenichel, Robert R.; Weizenbaum, Joseph

    A collection of articles from "Scientific American" magazine has been put together at this time because the current period in computer science is one of consolidation rather than innovation. A few years ago, computer science was moving so swiftly that even the professional journals were more archival than informative; but today it is…

  4. Biliary reconstruction options for bile duct stricture in patients with prior Roux-en-Y reconstruction.

    Science.gov (United States)

    Shah, Mihir M; Martin, Benjamin M; Stetler, Jamil L; Patel, Ankit D; Davis, S Scott; Lin, Edward; Sarmiento, Juan M

    2017-09-01

    Comprehensive description with illustrations of the 4 biliary reconstruction options for bile duct injury in patients with history of Roux-en-Y gastric bypass. Copyright © 2017 American Society for Bariatric Surgery. Published by Elsevier Inc. All rights reserved.

  5. Iran's Nuclear Strategy Options and U.S. Foreign Policy Implications

    National Research Council Canada - National Science Library

    Davis, Jimmy D

    2005-01-01

    .... strategic interests. Iran's movement toward a nuclear weapon option creates complex issues for American national security policy makers and highlights the international community's inability to police rogue states effectively...

  6. Putting the APA "Publication Manual" in Context. Commentary.

    Science.gov (United States)

    Russo, Nancy Felipe

    1999-01-01

    Explores feminist criticism of the "Publications Manual" of the American Psychological Association and the ways in which feminist researchers have negotiated changes in the language of this style guide. (SLD)

  7. Carbon taxation reform in the European Union. The options involved

    International Nuclear Information System (INIS)

    Laurent, Eloi; Le Cacheux, Jacques

    2011-01-01

    Even though the EU clearly leads the global fight against climate change and despite the additional reduction in emissions due to the global crisis and European recession, the ambitious objectives flagged in the '20-20-20 by 2020' strategy and 'climate-energy package' may be out of reach if a more resolute and consistent policy of carbon taxation is not rapidly put in place in the EU. In this paper, we detail and discuss the different options available for such European carbon taxation. Initially published in 'Revue de l'OFCE' No. 116

  8. Bounds for Asian basket options

    Science.gov (United States)

    Deelstra, Griselda; Diallo, Ibrahima; Vanmaele, Michèle

    2008-09-01

    In this paper we propose pricing bounds for European-style discrete arithmetic Asian basket options in a Black and Scholes framework. We start from methods used for basket options and Asian options. First, we use the general approach for deriving upper and lower bounds for stop-loss premia of sums of non-independent random variables as in Kaas et al. [Upper and lower bounds for sums of random variables, Insurance Math. Econom. 27 (2000) 151-168] or Dhaene et al. [The concept of comonotonicity in actuarial science and finance: theory, Insurance Math. Econom. 31(1) (2002) 3-33]. We generalize the methods in Deelstra et al. [Pricing of arithmetic basket options by conditioning, Insurance Math. Econom. 34 (2004) 55-57] and Vanmaele et al. [Bounds for the price of discrete sampled arithmetic Asian options, J. Comput. Appl. Math. 185(1) (2006) 51-90]. Afterwards we show how to derive an analytical closed-form expression for a lower bound in the non-comonotonic case. Finally, we derive upper bounds for Asian basket options by applying techniques as in Thompson [Fast narrow bounds on the value of Asian options, Working Paper, University of Cambridge, 1999] and Lord [Partially exact and bounded approximations for arithmetic Asian options, J. Comput. Finance 10 (2) (2006) 1-52]. Numerical results are included and on the basis of our numerical tests, we explain which method we recommend depending on moneyness and time-to-maturity.

  9. Victimization and Substance Use among Native American College Students

    Science.gov (United States)

    Fish, Jillian; Livingston, Jennifer A.; VanZile-Tamsen, Carol; Patterson Silver Wolf, David A.

    2017-01-01

    According to Tribal Critical Race Theory, Native American students have low retention rates due to the structural barriers and racism inherent in colleges and universities. Similarly, structural barriers and racism could put Native American students at risk for victimization and substance use, thus influencing their academic success. The purposes…

  10. Can operations put the MPS into an unsafe state?

    CERN Document Server

    Ponce, L

    2011-01-01

    During the 2010 run, the MPS have been additionally stressed by the commissioning of operational procedures and systems tests. As requested by the MPS external review committee, human factors have to be further minimized and discipline reinforced when increasing the stored beam energies towards and beyond the 2010 target of 30 MJ. This talk will present a synthesis of the Evian discussion on MPS and human factors, with an emphasis on the tools and procedures to be put in place for the 2011 run in order to ensure the machine safety during standard beam operation and after periods of machine developments or technical stops.

  11. The Human Dimension: Putting the Person into Personalised Medicine.

    Science.gov (United States)

    Horne, Rob

    2017-04-01

    Technological advances enabling us to personalise medical interventions at the biological level must be matched by parallel advances in how we support the informed choices essential to patient and public participation. We cannot take participation for granted. To be truly personalised, medicine must take account of the perceptions and capabilities that shape participation. To do this, we need a better understanding of how people perceive personalised medicine and how they judge its value and risks. To realise the promise of 4P medicine we need to personalise at the psychosocial as well as biological dimension, putting the person into personalised medicine.

  12. Adaptive wavelet method for pricing two-asset Asian options with floating strike

    Science.gov (United States)

    Černá, Dana

    2017-12-01

    Asian options are path-dependent option contracts which payoff depends on the average value of the asset price over some period of time. We focus on pricing of Asian options on two assets. The model for pricing these options is represented by a parabolic equation with time variable and three state variables, but using substitution it can be reduced to the equation with only two state variables. For time discretization we use the θ-scheme. We propose a wavelet basis that is adapted to boundary conditions and use an adaptive scheme with this basis for discretization on the given time level. The main advantage of this scheme is small number of degrees of freedom. We present numerical experiments for the Asian put option with floating strike and compare the results for the proposed adaptive method and the Galerkin method.

  13. Options analysis of managed care contracting and regulation: theory and evidence.

    Science.gov (United States)

    McLean, R A; Magiera, F T

    2000-08-01

    Managed care contracts can be represented as bundles of options. In particular, the managed care provider is short a call option. To hedge the risk involved in such contracts, managed care contractors can construct several types of virtual put options, among them the ownership of facilities. Agency theory and options theory suggest that for-profit managed care plans, in the presence of debt, will engage in less hedging activity than will other managed care plans. Here, the authors test that hypothesis, using data for Florida HMOs in 1995, and they reject the null hypothesis. That managed care organizations act as if they are short a call option raises interesting regulatory issues, including the possibility of using a hedge-based regulatory scheme in place of a net-worth-based scheme.

  14. Nuclear Option in Korea

    International Nuclear Information System (INIS)

    Han, K. I.

    2002-01-01

    With sixteen(16) operating nuclear units in Korea, the share of nuclear power generation reached 41% of the total electric power generation as of December 2000. A prediction is that it would further increase to 44.5% by year 2015 according to the national long term power development plan. Four units are currently under construction with 6 more units in order. With little domestic energy resource and increasing energy demand to support national economic growth, Korea has chosen nuclear power as one of the major energy sources to ensure stable power supply and to promote energy self-sufficiency. It has been recognized that nuclear power in Korea is not a selective option but rather a necessity. The Korean nuclear power development started with construction of a 600 MWe size reactor that was designed and constructed by foreign vendors. As the national grid capacity became larger, the size of nuclear units increased to 1000 MWe class. In the mean time, the need for nuclear technology self-reliance grew not only in operation and maintenance but also in construction, manufacturing and design. For this, a nuclear technology self-reliance program has been embarked with the support of the Government and utility, and the 1000 MWe class KSNP(Korean Standard Nuclear Power Plant) has been developed. The KSNPs are currently being designed, manufactured, constructed and operated by relevant Korean entities themselves. To fit into a larger capacity national grid and also to improve nuclear economic competitiveness, the 1400 MWe class KNGR(Korean Next Generation Reactor) design has been developed uprating the 1000 MWe KSNP design. Its construction project is currently under contract negotiation, and is planned to be finished by 2010. In the mean time, to be ready for future electric power market deregulation, the 600 MWe class small KSNP design is being developed downsizing the KSNP. A modular small size reactor, SMART(System Integrated Modular Advanced Reactor) is also being

  15. Aluminum industry options paper

    International Nuclear Information System (INIS)

    1999-10-01

    In 1990, Canada's producers of aluminum (third largest in the world) emitted 10 million tonnes of carbon dioxide and equivalent, corresponding to 6.4 tonnes of greenhouse gas intensity per tonne of aluminum. In 2000, the projection is that on a business-as-usual (BAU) basis Canadian producers now producing 60 per cent more aluminum than in 1990, will emit 10.7 million tonnes of carbon dioxide and equivalent, corresponding to a GHG intensity of 4.2 tonnes per tonne of aluminum. This improvement is due to production being based largely on hydro-electricity, and partly because in general, Canadian plants are modern, with technology that is relatively GHG-friendly. The Aluminum Association of Canada estimates that based on anticipated production, and under a BAU scenario, GHG emissions from aluminum production will rise by 18 per cent by 2010 and by 30 per cent by 2020. GHG emissions could be reduced below the BAU forecast first, by new control and monitoring systems at some operations at a cost of $4.5 to 7.5 million per smelter. These systems could reduce carbon dioxide equivalent emissions by 0.8 million tonnes per year. A second alternative would require installation of breaker feeders which would further reduce perfluorocarbon (PFC) emissions by 0.9 million tonnes of carbon dioxide equivalent. Cost of the breakers feeders would be in the order of $200 million per smelter. The third option calls for the the shutting down of some of the smelters with older technology by 2015. In this scenario GHG emissions would be reduced by 2010 by 0.8 million tonnes per year of carbon dioxide equivalent. However, the cost in this case would be about $1.36 billion. The industry would support measures that would encourage the first two sets of actions, which would produce GHG emissions from aluminum production in Canada of about 10.2 million tonnes per year of carbon dioxide equivalent, or about two per cent above 1990 levels with double the aluminum production of 1990. Credit for

  16. Putting children forward for epilepsy surgery: A qualitative study of UK parents' and health professionals' decision-making experiences.

    Science.gov (United States)

    Heath, Gemma; Abdin, Shanara; Begum, Rahima; Kearney, Shauna

    2016-08-01

    Against a backdrop of recommendations for increasing access to and uptake of early surgical intervention for children with medically intractable epilepsy, it is important to understand how parents and professionals decide to put children forward for epilepsy surgery and what their decisional support needs are. The aim of this study was to explore how parents and health professionals make decisions regarding putting children forward for pediatric epilepsy surgery. Individual interviews were conducted with nine parents of children who had undergone pediatric epilepsy surgery at a specialist children's hospital and ten healthcare professionals who made up the children's epilepsy surgery service multidisciplinary healthcare team (MDT). Three MDT meetings were also observed. Data were analyzed thematically. Four themes were generated from analysis of interviews with parents: presentation of surgery as a treatment option, decision-making, looking back, and interventions. Three themes were generated from analysis of interviews/observations with health professionals: triangulating information, team working, and patient and family perspectives. Parents wanted more information and support in deciding to put their child forward for epilepsy surgery. They attempted to balance the potential benefits of surgery against any risks of harm. For health professionals, a multidisciplinary approach was seen as crucial to the decision-making process. Advocating for the family was perceived to be the responsibility of nonmedical professionals. Decision-making can be supported by incorporating families into discussions regarding epilepsy surgery as a potential treatment option earlier in the process and by providing families with additional information and access to other parents with similar experiences. Copyright © 2016 Elsevier Inc. All rights reserved.

  17. Binary Options as a Modern Fenomenon of Financial Business

    Directory of Open Access Journals (Sweden)

    Kolková Andrea

    2016-06-01

    Full Text Available Binary options are a new instrument of the financial market. The aim of this paper is to analyze the use of binary options with trading and to illustrate this on the practical example of trades based on Bollinger bands indicator. Currency pair EUR/USD and 6912 time series values of this instrument will be put to analysis. The contribution will be evaluated 8 strategies based on Bollinger Bands. There will be used a backtesting method. From the results follows the most trades could have been realized with the use of Bollinger bands with a double deviation. This strategy, however, also showed the greatest percentage of failed trades. On the contrary the fewest transactions could have been carried out with Bollinger bands with a triple deviation and the MACD filter.

  18. Transfer of mechanical energy during the shot put

    Directory of Open Access Journals (Sweden)

    Błażkiewicz Michalina

    2016-09-01

    Full Text Available The aim of this study was to analyse transfer of mechanical energy between body segments during the glide shot put. A group of eight elite throwers from the Polish National Team was analysed in the study. Motion analysis of each throw was recorded using an optoelectronic Vicon system composed of nine infrared camcorders and Kistler force plates. The power and energy were computed for the phase of final acceleration of the glide shot put. The data were normalized with respect to time using the algorithm of the fifth order spline and their values were interpolated with respect to the percentage of total time, assuming that the time of the final weight acceleration movement was different for each putter. Statistically significant transfer was found in the study group between the following segments: Right Knee – Right Hip (p = 0.0035, Left Hip - Torso (p = 0.0201, Torso – Right Shoulder (p = 0.0122 and Right Elbow – Right Wrist (p = 0.0001. Furthermore, the results of cluster analysis showed that the kinetic chain used during the final shot acceleration movement had two different models. Differences between the groups were revealed mainly in the energy generated by the hips and trunk.

  19. Putting Reusability First: A Paradigm Switch in Remote Laboratories Engineering

    Directory of Open Access Journals (Sweden)

    Romain Vérot

    2009-02-01

    Full Text Available In this paper, we present a new devices brought online thanks to our Collaborative Remote Laboratories framework. Whereas previous devices integrated in our remote laboratory belongs to the domain of electronics, such as Vector Network Analyzers, the devices at the concern in this paper are, on one hand, an antenna workbench, and on the other, an homemade switching device, which embeds several electronic components. Because the middleware and framework for our environment were designed to be reusable, we wanted to put it to the test by integrating new and different devices in our Online Engineering catalog. After presenting the devices to be put online, we will expose the software development efforts required in regards to the reusability of the solution. As a consequence, the expose work and results tend to make the Online Engineering software architects to think reusability first, breaking with the current trends to implement Remote Labs one after the other, without much reusability, apart the capitalized experience. In this, we defend a paradigm switch in our current engineering approaches for Remote Laboratories implementations: Reusability should be thought first.

  20. Exotic Options: a Chooser Option and its Pricing

    Directory of Open Access Journals (Sweden)

    Raimonda Martinkutė-Kaulienė

    2012-12-01

    Full Text Available Financial instruments traded in the markets and investors’ situation in such markets are getting more and more complex. This leads to more complex derivative structures used for hedging that are harder to analyze and which risk is harder managed. Because of the complexity of these instruments, the basic characteristics of many exotic options may sometimes be not clearly understood. Most scientific studies have been focused on developing models for pricing various types of exotic options, but it is important to study their unique characteristics and to understand them correctly in order to use them in proper market situations. The paper examines main aspects of options, emphasizing the variety of exotic options and their place in financial markets and risk management process. As the exact valuation of exotic options is quite difficult, the article deals with the theoretical and practical aspects of pricing of chooser options that suggest a broad range of usage and application in different market conditions. The calculations made in the article showed that the price of the chooser is closely correlated with the choice time and low correlated with its strike price. So the first mentioned factor should be taken into consideration when making appropriate hedging and investing decisions.

  1. 48 CFR 552.217-71 - Notice Regarding Option(s).

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Notice Regarding Option(s... Notice Regarding Option(s). As prescribed in 517.208(b), insert the following provision: Notice Regarding Option(s) (NOV 1992) The General Services Administration (GSA) has included an option to [Insert...

  2. Energy options for the United Kingdom

    International Nuclear Information System (INIS)

    Warner, P.C.

    1979-03-01

    The purpose of this paper is to put together a picture of the energy policy options of the United Kingdom, drawn mainly from official documents but supplemented by comments and conclusions from the author. For some people the current energy debate is simplified down to nuclear power for and against. Much of this thinking seems to arise from misunderstanding, and the more the technical and social facts behind policy can be sorted out by discussions, the more sensible eventual policy will be. One extreme view, for instance, is that opinion is divided between those who are 'pro-industry, pro-production, and pro-nuclear' and those who are 'interested in ecology and therefore anti-nuclear.' Associations like those are high on the list of myths that need to be dispelled. It is therefore a further purpose of this paper to contribute to the general background of facts for those who are interested in this country's energy policies and who may not have time or the opportunity to work through original sources. Although the theme throughout is energy in the United Kingdom, it will be realised that extension to the world scale simply enhances shortages and problems. The paper is in sections, entitled: overall UK energy consumption; coal; oil; gas; the energy gap; alternative energy sources; the balance of primary resource need; electricity; the nuclear power programme; timing of power plant orders; conclusions. (U.K.)

  3. Improving the attractiveness of CDM projects through allowing and incorporating options

    International Nuclear Information System (INIS)

    Carmichael, David G.; Ballouz, Joseph J.; Balatbat, Maria C.A.

    2015-01-01

    The paper puts forward a proposal that, within Clean Development Mechanism (CDM) projects, investors be allowed to benefit from options; this will require a CDM rule change. Through the presence of options, the downside risk resulting from low carbon prices and/or low achieved emission reductions on projects can be limited, while any upside resulting from high carbon prices and/or high achieved emission reductions can be taken advantage of. It is demonstrated that the presence of options improves the financial attractiveness of CDM projects, and this is at no detriment to any stakeholder. The flow-on from the proposal is that more CDM projects should be realisable if options are available, and this in turn will lead to reduced global emissions and improved sustainability. The proposal is supported by the necessary theory and is demonstrated on two registered CDM projects, one on hydropower and one on wind power. - Highlights: • The paper proposes that options be allowed within CDM projects. • Introducing options will require a CDM rule change. • Options improve the financial attractiveness of CDM projects. • Allowing options comes at no cost or detriment to any party. • Allowing options is a win–win situation to both society and the project proponent.

  4. 76 FR 31851 - Safety Zone; Put-in-Bay Fireworks, Fox's the Dock Pier; South Bass Island, Put-in-Bay, OH

    Science.gov (United States)

    2011-06-02

    ... DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 165 [Docket No. USCG-2011-0417] RIN 1625-AA00 Safety Zone; Put-in-Bay Fireworks, Fox's the Dock Pier; South Bass Island, Put-in-Bay, OH AGENCY.... Add Sec. 165.T09-0417 as follows: Sec. 165.T09-0417 Safety Zone; Put-In-Bay Fireworks, Fox's the Dock...

  5. Treatment Option Overview (Ewing Sarcoma)

    Science.gov (United States)

    ... Ewing Sarcoma Treatment Osteosarcoma Treatment Research Ewing Sarcoma Treatment (PDQ®)–Patient Version General Information About Ewing Sarcoma ... started or in another part of the body. Treatment Option Overview Key Points There are different types ...

  6. Treatment Option Overview (Kaposi Sarcoma)

    Science.gov (United States)

    ... Treatment Childhood Vascular Tumors Treatment Research Kaposi Sarcoma Treatment (PDQ®)–Patient Version General Information About Kaposi Sarcoma ... Certain factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment ...

  7. 77 FR 25319 - Commodity Options

    Science.gov (United States)

    2012-04-27

    ..., merchants, SDs, commodity funds, futures industry organizations, academics and think tanks, a U.S... particular (i.e., optionality in a contract settling by physical delivery that is used to meet varying demand...

  8. Antihistamines: Understanding Your OTC Options

    Science.gov (United States)

    ... CorrectlyPain Relievers: Understanding Your OTC OptionsAntacids and Acid Reducers: OTC Relief for Heartburn and Acid RefluxOTC Cough ... Loss and Diet Plans Nutrients and Nutritional Info Sugar and Sugar Substitutes Exercise and Fitness Exercise Basics ...

  9. FS65 Disposition Option Report

    Energy Technology Data Exchange (ETDEWEB)

    Wenz, Tracy R. [Los Alamos National Lab. (LANL), Los Alamos, NM (United States)

    2015-09-25

    This report outlines the options for dispositioning the MOX fuel stored in FS65 containers at LANL. Additional discussion regarding the support equipment for loading and unloading the FS65 transport containers is included at the end of the report.

  10. Essential Tremor (ET): Surgical Options

    Science.gov (United States)

    ... option for severe depression, epilepsy, Tourette’s syndrome, stroke, addiction, and dementia. Top Focused Ultrasound Thalamotomy The FDA ... ultrasound but in a very different way. This technology uses multiple beams of sound focused in on ...

  11. Putting an end to nuclear energy: why and how

    International Nuclear Information System (INIS)

    Dessus, Benjamin; Laponche, Bernard

    2011-01-01

    This short book demonstrates the necessity and possibility to put an end to nuclear energy. First, it sweeps away the fallacious reasoning of nuclear supporters, like the energy independence, the safety and security aspects, the electricity cost, the greenhouse gases abatement. Then, it replaces the ending of nuclear energy in the more general framework of a worldwide energy transition, with its constraints and risks, which has become a necessity considering the geographical disparities of energy consumption. According to the author, the particular energy situation of France would lead the country to isolation and to an energy impasse while other worldwide and regional scenarios exist which would lead to exit the crisis and to reach a new energy civilization. Finally, a reasoned scenario of nuclear energy exit is proposed for France which is based on other power generation means. Such an energy transition will require some political and social conditions which are discussed. (J.S.)

  12. Medical Education and Curriculum Reform: Putting Reform Proposals in Context

    Directory of Open Access Journals (Sweden)

    Daniel Kam Yin Chan, MD, MB.BS, MHA

    2004-01-01

    Full Text Available The purpose of this paper is to elaborate criteria by which the principles of curriculum reform can be judged. To this end, the paper presents an overview of standard critiques of medical education and examines the ways medical curriculum reforms have responded to these critiques. The paper then sets out our assessment of these curriculum reforms along three parameters: pedagogy, educational context, and knowledge status. Following on from this evaluation of recent curriculum reforms, the paper puts forward four criteria with which to gauge the adequacy medical curriculum reform. These criteria enable us to question the extent to which new curricula incorporate methods and approaches for ensuring that its substance: overcomes the traditional opposition between clinical and resource dimensions of care; emphasizes that the clinical work needs to be systematized in so far as that it feasible; promotes multi-disciplinary team work, and balances clinical autonomy with accountability to non-clinical stakeholders.

  13. Putting conflict management into practice: a nursing case study.

    Science.gov (United States)

    Vivar, Cristina García

    2006-04-01

    This paper is intended to put knowledge in conflict management into practice through reflecting on a nursing case study. Nursing organizations are particularly vulnerable to conflict as the context of nurses' work may be difficult and stressful. Power conflict is argued to be an important source of tension within nursing units. Learning to manage conflict at an early stage is therefore crucial to the effective functioning of nursing organizations. A nursing case study that illustrates power conflict in an oncology nursing unit is displayed and reflection on conflict management from the case is provided. There is no appropriate or inappropriate strategy to deal with conflict. However, detecting initial symptoms of conflict and adopting the most effective behaviour to conflict resolution is essential in nursing units. Further nursing education in conflict management for staff nurses and nurse managers is greatly needed.

  14. Launch Velocities in Successful Golf Putting: An Analytical Analysis

    Directory of Open Access Journals (Sweden)

    John F. Mahoney

    2017-04-01

    Full Text Available Background: This study is concerned with the special case of a putted ball intersecting a standard golf hole at its diameter. The velocity of the ball at the initial rim of the hole is termed the launch velocity and depending upon its value the ball may either be captured or it may escape capture by jumping over the hole. The critical value of the launch velocity (V is such that lesser values result in capture while greater values produce escape. Purpose: Since the value of the V entered prominently in some theoretical studies of putting, the aim of the current study is to provide an original re-evaluation of V and to contrast our results with existing results. Method: This analytical analysis relies on trigonometry in conjunction with Newtonian mechanics and the mathematics of projectiles. The results of a recent study into the mathematics of a bouncing ball which included the notions of restitution and friction were also employed in the analysis. Results: If bouncing and slipping do not occur when the ball hits the far rim of the hole our analysis produces a value of V of 1.356 m/s. When bouncing and slipping are present we find that V is at least 1.609 m/s but increases beyond this value as slipping and friction become greater. Useful relations which relate the dynamics and geometry of the ball to V are provided. Conclusion: Since ambient conditions may influence the extent of bounce and slippage we conjecture that the value of V is not unique.

  15. Climate-smart conservation: putting adaption principles into practice

    Science.gov (United States)

    Stein, Bruce A.; Glick, Patty; Edelson, Naomi; Staudt, Amanda

    2014-01-01

    Climate change already is having significant impacts on the nation’s species and ecosystems, and these effects are projected to increase considerably over time. As a result, climate change is now a primary lens through which conservation and natural resource management must be viewed. How should we prepare for and respond to the impacts of climate change on wildlife and their habitats? What should we be doing differently in light of these climatic shifts, and what actions continue to make sense? Climate-Smart Conservation: Putting Adaptation Principles into Practice offers guidance for designing and carrying out conservation in the face of a rapidly changing climate. Addressing the growing threats brought about or accentuated by rapid climate change requires a fundamental shift in the practice of natural resource management and conservation. Traditionally, conservationists have focused their efforts on protecting and managing systems to maintain their current state, or to restore degraded systems back to a historical state regarded as more desirable. Conservation planners and practitioners will need to adopt forward-looking goals and implement strategies specifically designed to prepare for and adjust to current and future climatic changes, and the associated impacts on natural systems and human communities—an emerging discipline known as climate change adaptation. The field of climate change adaptation is still in its infancy. Although there is increasing attention focused on the subject, much of the guidance developed to date has been general in nature, concentrating on high-level principles rather than specific actions. It is against this backdrop that this guide was prepared as a means for helping put adaptation principles into practice, and for moving adaptation from planning to action.

  16. Economic analysis of emerald ash borer (Coleoptera: Buprestidae) management options.

    Science.gov (United States)

    Vannatta, A R; Hauer, R H; Schuettpelz, N M

    2012-02-01

    Emerald ash borer, Agrilus planipennis (Fairmaire) (Coleoptera: Buprestidae), plays a significant role in the health and extent of management of native North American ash species in urban forests. An economic analysis of management options was performed to aid decision makers in preparing for likely future infestations. Separate ash tree population valuations were derived from the i-Tree Streets program and the Council of Tree and Landscape Appraisers (CTLA) methodology. A relative economic analysis was used to compare a control option (do-nothing approach, only removing ash trees as they die) to three distinct management options: 1) preemptive removal of all ash trees over a 5 yr period, 2) preemptive removal of all ash trees and replacement with comparable nonash trees, or 3) treating the entire population of ash trees with insecticides to minimize mortality. For each valuation and management option, an annual analysis was performed for both the remaining ash tree population and those lost to emerald ash borer. Retention of ash trees using insecticide treatments typically retained greater urban forest value, followed by doing nothing (control), which was better than preemptive removal and replacement. Preemptive removal without tree replacement, which was the least expensive management option, also provided the lowest net urban forest value over the 20-yr simulation. A "no emerald ash borer" scenario was modeled to further serve as a benchmark for each management option and provide a level of economic justification for regulatory programs aimed at slowing the movement of emerald ash borer.

  17. 48 CFR 570.401 - Renewal options.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Renewal options. 570.401... Requirements 570.401 Renewal options. (a) Exercise of options. Before exercising an option to renew, follow the... survey. Before exercising an option to renew a lease, review current market information to ensure the...

  18. Option Derivatives in Electricity Hedging

    Directory of Open Access Journals (Sweden)

    P. Pavlátka

    2010-01-01

    Full Text Available Despite the high volatility of electricity prices, there is still little demand for electricity power options, and the liquidity on the power exchanges of these power derivatives is quite low. One of the reasons is the uncertainty about how to evaluate these electricity options and about finding the right fair value of this product. Hedging of electricity is associated mainly with products such as futures and forwards. However, due to new trends in electricity trading and hedging, it is also useful to think more about options and the principles for working with them in hedging various portfolio positions and counterparties. We can quite often encounter a situation when we need to have a perfect hedge for our customer’s (end user consuming electricity portfolio, or we have to evaluate the volumetric risk (inability of a customer to predict consumption, which is very similar to selling options. Now comes the moment to compare the effects of using options or futures to hedge these open positions. From a practical viewpoint, the Black-Scholes prices appear to be the best available and the simplest method for evaluating option premiums, but there are some limitations that we have to consider.

  19. The future of the nuclear option

    International Nuclear Information System (INIS)

    Frost, B.R.T.

    1992-01-01

    This paper reports on the future of the nuclear option. No nuclear power reactors have been ordered in the U.S.A. since 1975, but the number of operating reactors has increased to the 115 operating today. The demand for electric power continues to grow. At this time, concern over the environmental effects of fossil fuels has grown; global warming and acid rain effects are major determinants of energy policy. In these circumstances nuclear power may be the only viable option to meet the growing demand for electricity. In the past decade the nuclear power industry has addressed its major critics by standardizing designs, improving operator training, and developing safe methods of disposing of waste products. Fast breeder reactors have taken a new lease on life through the American Integral Fast Reactor (IFR) design which is inherently safe, proliferation resistant, and helps the waste-disposal problem. It will probably not be commercially available until well into the next century. The extension of reactor life raises questions of long-term thermal and radiation effects

  20. Treatment Options by Stage (Pancreatic Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  1. Treatment Options by Stage (Esophageal Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  2. Treatment Options by Stage (Vulvar Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  3. Treatment Options by Stage (Penile Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  4. Treatment Options for Non-Hodgkin Lymphoma

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... lymphoma may come back as indolent lymphoma. Treatment Option Overview Key Points There are different types of ...

  5. Treatment Options for Adult Soft Tissue Sarcoma

    Science.gov (United States)

    ... reacts to the light. Certain factors affect treatment options and prognosis (chance of recovery). The treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  6. Treatment Options by Stage (Merkel Cell Carcinoma)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... common for Merkel cell carcinoma to recur. Treatment Option Overview Key Points There are different types of ...

  7. Treatment Options by Stage (Prostate Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  8. Treatment Options by Stage (Adrenocortical Carcinoma)

    Science.gov (United States)

    ... affect the prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  9. Treatment Options for Childhood Hodgkin Lymphoma

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... the lungs , liver , bones, or bone marrow . Treatment Option Overview Key Points There are different types of ...

  10. Treatment Options by Stage (Chronic Lymphocytic Leukemia)

    Science.gov (United States)

    ... examination under a microscope. Certain factors affect treatment options and prognosis (chance of recovery). Treatment options depend ... that does not get better with treatment. Treatment Option Overview Key Points There are different types of ...

  11. Treatment Options for Adult Hodgkin Lymphoma

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  12. Treatment Options for Hodgkin Lymphoma during Pregnancy

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  13. Treatment Option Overview (Chronic Lymphocytic Leukemia)

    Science.gov (United States)

    ... examination under a microscope. Certain factors affect treatment options and prognosis (chance of recovery). Treatment options depend ... that does not get better with treatment. Treatment Option Overview Key Points There are different types of ...

  14. Treatment Option Overview (Adult Soft Tissue Sarcoma)

    Science.gov (United States)

    ... reacts to the light. Certain factors affect treatment options and prognosis (chance of recovery). The treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  15. Hairy Cell Leukemia Treatment Option Overview

    Science.gov (United States)

    ... or a swollen spleen. Certain factors affect treatment options and prognosis (chance of recovery). The treatment options ... cell leukemia has not responded to treatment. Treatment Option Overview Key Points There are different types of ...

  16. Treatment Option Overview (Small Intestine Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  17. Treatment Option Overview (Adult Hodgkin Lymphoma)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  18. Treatment Option Overview (Merkel Cell Carcinoma)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... common for Merkel cell carcinoma to recur. Treatment Option Overview Key Points There are different types of ...

  19. Treatment Option Overview (Childhood Hodgkin Lymphoma)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... the lungs , liver , bones, or bone marrow . Treatment Option Overview Key Points There are different types of ...

  20. Treatment Option Overview (Small Cell Lung Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  1. Treatment Option Overview (Adult Acute Lymphoblastic Leukemia)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... marrow , or other parts of the body. Treatment Option Overview Key Points There are different types of ...

  2. Treatment Options for AIDS-Related Lymphoma

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... nervous system is not primary CNS lymphoma. Treatment Option Overview Key Points There are different types of ...

  3. Treatment Options for Adult Acute Lymphoblastic Leukemia

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... marrow , or other parts of the body. Treatment Option Overview Key Points There are different types of ...

  4. Treatment Options for Renal Cell Cancer

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  5. Treatment Options for Gastrointestinal Carcinoid Tumors

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... body. Has not gotten better with treatment. Treatment Option Overview Key Points There are different types of ...

  6. Treatment Options by Stage (Gastric Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... such as the liver or lymph nodes . Treatment Option Overview Key Points There are different types of ...

  7. Treatment Options by Stage (Thyroid Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  8. Treatment Options for Chronic Myelogenous Leukemia

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... of blast cells increases after a remission . Treatment Option Overview Key Points There are different types of ...

  9. Treatment Options for Adult Acute Myeloid Leukemia

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) and treatment options ... back in the blood or bone marrow . Treatment Option Overview Key Points There are different types of ...

  10. Taxation and the American Revolution

    Directory of Open Access Journals (Sweden)

    John Passant

    2017-09-01

    Full Text Available This article looks at the interrelationship between revolution and tax in the context of the American Revolution. It examines the role of ordinary people in demanding, among other things, as part of wider demands for democracy and equality, no taxation without representation. The article aims to reintroduce the neglected notions of class and class struggle into current discussions and debates about tax and history, putting the people back into academic narratives about the history of taxation and to their place as political actors on history’s stage.

  11. Calcific tendinitis of the rotator cuff: management options.

    Science.gov (United States)

    Suzuki, Kentaro; Potts, Aaron; Anakwenze, Oke; Singh, Anshu

    2014-11-01

    Calcific tendinitis of the rotator cuff tendons is a common cause of shoulder pain in adults and typically presents as activity-related shoulder pain. It is thought to be an active, cell-mediated process, although the exact pathophysiology remains unclear. Nonsurgical management continues to be the mainstay of treatment; most patients improve with modalities such as oral anti-inflammatory medication, physical therapy, and corticosteroid injections. Several options are available for patients who fail nonsurgical treatment, including extracorporeal shock wave therapy, ultrasound-guided needle lavage, and surgical débridement. These modalities alleviate pain by eliminating the calcific deposit, and several recent studies have demonstrated success with the use of these treatment options. Surgical management options include arthroscopic procedures to remove calcific deposits and subacromial decompression; however, the role of subacromial decompression and repair of rotator cuff defects created by removing these deposits remains controversial. Copyright 2014 by the American Academy of Orthopaedic Surgeons.

  12. Efficient option valuation of single and double barrier options

    Science.gov (United States)

    Kabaivanov, Stanimir; Milev, Mariyan; Koleva-Petkova, Dessislava; Vladev, Veselin

    2017-12-01

    In this paper we present an implementation of pricing algorithm for single and double barrier options using Mellin transformation with Maximum Entropy Inversion and its suitability for real-world applications. A detailed analysis of the applied algorithm is accompanied by implementation in C++ that is then compared to existing solutions in terms of efficiency and computational power. We then compare the applied method with existing closed-form solutions and well known methods of pricing barrier options that are based on finite differences.

  13. Putting the value framework to work in surgery.

    Science.gov (United States)

    Yount, Kenan W; Turrentine, Florence E; Lau, Christine L; Jones, R Scott

    2015-04-01

    Health policy experts have proposed a framework defining value as outcomes achieved per dollar spent on health care. However, few institutions quantify their delivery of care along these dimensions. Our objective was to measure the value of our surgical services over time. We reviewed the data of patients undergoing general and vascular surgery from 2002 through 2012 at a tertiary care university hospital as abstracted by the American College of Surgeons NSQIP. Morbidity and mortality data from the American College of Surgeons NSQIP database were risk adjusted to calculate observed-to-expected ratios, which were then inverted into a numerator as a surrogate for quality. Costs, the denominator of the value equation, were determined for each patient's hospitalization. The ratio was then transformed by a constant and analyzed with linear regression to analyze and compare values from 2002 through 2012. A total of 25,453 patients met criteria for inclusion. Overall, the value of surgical services increased from 2002 through 2012. The observed increase in value was greater in general surgery than in vascular surgery, and value actually decreased in vascular procedures. Although there was a similar increase in outcomes in vascular surgery compared with general surgery, costs rose significantly higher ($474/year vs -$302/year; p value in surgical services represents a critical first step for providers seeking to improve outcomes, avoid ill-advised cost containment, and determine the costs of innovation. Copyright © 2015 American College of Surgeons. Published by Elsevier Inc. All rights reserved.

  14. Lunar Cube Transfer Trajectory Options

    Science.gov (United States)

    Folta, David; Dichmann, Donald James; Clark, Pamela E.; Haapala, Amanda; Howell, Kathleen

    2015-01-01

    Numerous Earth-Moon trajectory and lunar orbit options are available for Cubesat missions. Given the limited Cubesat injection infrastructure, transfer trajectories are contingent upon the modification of an initial condition of the injected or deployed orbit. Additionally, these transfers can be restricted by the selection or designs of Cubesat subsystems such as propulsion or communication. Nonetheless, many trajectory options can b e considered which have a wide range of transfer duration, fuel requirements, and final destinations. Our investigation of potential trajectories highlights several options including deployment from low Earth orbit (LEO) geostationary transfer orbits (GTO) and higher energy direct lunar transfer and the use of longer duration Earth-Moon dynamical systems. For missions with an intended lunar orbit, much of the design process is spent optimizing a ballistic capture while other science locations such as Sun-Earth libration or heliocentric orbits may simply require a reduced Delta-V imparted at a convenient location along the trajectory.

  15. Option valuation for energy issues

    International Nuclear Information System (INIS)

    Ostertag, K.; Llerena, P.; Richard, A.

    2004-01-01

    In many industrial and economic situations, decision processes, both individual and collective, have to simultaneously face uncertainty and irreversibility of some kind. This is particularly valid for energy choices if they are linked to technological alternatives. The purpose of this book is to highlight specific aspects of these situations. This is done from the particular perspective of option valuation. The contributions to this book grew out of an international workshop on ''Option valuation in energy and environmental issues'' held at the Fraunhofer ISI in February 2003. This workshop brought together reseachers from energy economics, but also researchers working on option valuation in other empirical fields or with a more theoretical perspective. This is reflected in the organisation of the book, which starts with some theory-oriented contributions and subsequently presents more applied contributions in the field of energy economics with an extension to water infrastructure in the annex. (orig.)

  16. Accounting treatment of currency options

    Directory of Open Access Journals (Sweden)

    Prošić Danica

    2016-01-01

    Full Text Available Currency options are often used to mitigate currency risk resulting from corporate activities. Their implementation can be complex, and there could be problems if the essential elements and principles are not fully understood. Although they are not the simplest financial products, currency options are interesting and useful to those who are trying to make a step forward in the area of currency risk management. This paper aims to present the general principles and specifics of accounting records and valuation of currency options used for hedging against risk. It is a complex process which, in addition to numerous conditions, also involves the implementation of accounting rules that deviate from the generally accepted accounting principles.

  17. Training in virtual environments: putting theory into practice.

    Science.gov (United States)

    Moskaliuk, Johannes; Bertram, Johanna; Cress, Ulrike

    2013-01-01

    Virtual training environments are used when training in reality is challenging because of the high costs, danger, time or effort involved. In this paper we argue for a theory-driven development of such environments, with the aim of connecting theory to practice and ensuring that the training provided fits the needs of the trained persons and their organisations. As an example, we describe the development of VirtualPolice (ViPOL), a training environment for police officers in a federal state of Germany. We provided the theoretical foundation for ViPOL concerning the feeling of being present, social context, learning motivation and perspective-taking. We developed a framework to put theory into practice. To evaluate our framework we interviewed the stakeholders of ViPOL and surveyed current challenges and limitations of virtual training. The results led to a review of a theory-into-practice framework which is presented in the conclusion. Feeling of presence, social context, learning motivation and perspective-taking are relevant for training in virtual environments. The theory-into-practice framework presented here supports developers and trainers in implementing virtual training tools. The framework was validated with an interview study of stakeholders of a virtual training project. We identified limitations, opportunities and challenges.

  18. Putting science at the heart of European policy

    CERN Multimedia

    2015-01-01

    One year ago, the incoming European Commission President Jean-Claude Juncker shocked the scientific world by scrapping the post of Chief Scientific Advisor. This week, the Commission made amends by launching a well-considered Scientific Advisory Mechanism (SAM) that not only puts science back at the heart of policy, but does so in a much more structured and robust way than conferring such responsibility on a single individual.     The SAM has two independent strands: an advisory group of seven scientists, and funding through the Horizon 2020 programme for national academies and learned societies to network and collaborate on policy issues. Both are backed up by a secretariat at Commission headquarters in Brussels. When Mr Juncker scrapped the role of Chief Scientific Advisor, it was against a backdrop of sometimes vitriolic attacks on the incumbent, Anne Glover, due to her outspoken views on GMOs. Mr Juncker’s move was seen by some as simply giving in to a powerful lob...

  19. Case studies in control putting theory to work

    CERN Document Server

    Juričić, Đani

    2013-01-01

    Case Studies in Control presents a framework to facilitate the use of advanced control concepts in real systems based on two decades of research and over 150 successful applications for industrial end-users from various backgrounds. In successive parts the text approaches the problem of putting the theory to work from both ends, theoretical and practical. The first part begins with a stress on solid control theory and the shaping of that theory to solve particular instances of practical problems. It emphasizes the need to establish by experiment whether a model-derived solution will perform properly in reality. The second part focuses on real industrial applications based on the needs and requirements of end-users. Here, the engineering approach is dominant but with theoretical input of varying degree depending on the particular process involved. Following the illustrations of the progress that can be made from either extreme of the well-known theory–practice divide, the text proceeds to a third part relate...

  20. Households facing constraints. Fuel poverty put into context

    Energy Technology Data Exchange (ETDEWEB)

    Dubois, Ute [ISG Business School, Paris (France); Meier, Helena [Koeln Univ. (Germany). Energiewirtschaftliches Inst.

    2014-02-15

    The present paper discusses the concept of fuel poverty taking into account the arbitrages made by households when they are facing economic constraints. Fuel poverty is still lacking a common definition throughout Europe: while the UK and France have (different) official definitions, there is still no definition in a country like Germany, or at the European level. Where definitions exist, they often consider that fuel poor households have high energy needs. The possibility of being fuel poor even without having high energy needs and the various arbitrage possibilities of households - i.e. to under-spend and use too little energy - are not systematically discussed. Our paper tries to fill that gap by putting fuel poverty into the larger context of constraints faced by households. Based on a graphical analysis, it shows that different situations of fuel poverty might occur. It results in the identification of two distinct fuel poverty problems: an ''energy inequality'' problem, reflected by the fact that some households pay disproportionately high energy bills, and an ''energy affordability'' problem that can affect a larger share of the population. It finally explores the two types of fuel poverty for European countries and discusses policy implications.

  1. Households facing constraints. Fuel poverty put into context

    International Nuclear Information System (INIS)

    Dubois, Ute; Meier, Helena

    2014-01-01

    The present paper discusses the concept of fuel poverty taking into account the arbitrages made by households when they are facing economic constraints. Fuel poverty is still lacking a common definition throughout Europe: while the UK and France have (different) official definitions, there is still no definition in a country like Germany, or at the European level. Where definitions exist, they often consider that fuel poor households have high energy needs. The possibility of being fuel poor even without having high energy needs and the various arbitrage possibilities of households - i.e. to under-spend and use too little energy - are not systematically discussed. Our paper tries to fill that gap by putting fuel poverty into the larger context of constraints faced by households. Based on a graphical analysis, it shows that different situations of fuel poverty might occur. It results in the identification of two distinct fuel poverty problems: an ''energy inequality'' problem, reflected by the fact that some households pay disproportionately high energy bills, and an ''energy affordability'' problem that can affect a larger share of the population. It finally explores the two types of fuel poverty for European countries and discusses policy implications.

  2. Don’t put your family at risk

    CERN Multimedia

    Computer Security Team

    2013-01-01

    How easy is it to fall into the trap of cyber-criminals? Get one’s online banking password stolen? Lose photos to third parties? It's easier than you think. One single click to open a malicious attachment or a malicious web page is sufficient to put your family at risk.   Sometimes adversaries even call you in order to get their malicious job done. Once their malware is installed on your home computer, it records all your activity, monitors your online banking activities, steals your passwords, activates your computer’s microphone and camera, and sends all that data back to the adversary. This person can now do whatever they want: take money from your bank account, order books with your Amazon password, deface your Facebook profiles, send strange messages to your peers, or post the captured images of your daughter in front of the computer on dodgy web sites. Not only can you lose (lots of!) money, but having strange messages sent on your b...

  3. Putting Qumran, Jesus and his movement into relief

    Directory of Open Access Journals (Sweden)

    Eben Scheffler

    2016-11-01

    Full Text Available After referring briefly to the fantasies regarding the origins of Christianity as elicited by the discovery of the Dead Sea Scrolls in 1947 (Dupont-Sommer, Allegro, Thiering, the purpose of the contribution is to put the Jesus movement into relief in the context of first-century Judaism. The identity of the Qumranites is argued to be Essene scribes. The identity, ideology and practices of the latter are compared with those of Jesus of Nazareth and the movement he elicited using the following rubrics: (1 Jesus, the teacher of righteousness and the powers that be; (2 asceticism versus itinerary charismaticism; (3 caring versus lack of caring for the sick, poor and marginalised; (4 elitist priests and scribes versus lower-class peasants; (5 the interpretation of the law; (6 religious and daily practices (baptism, ritual meal, sacrifice, prayer, community of possessions, scribal activity; (7 religious views or ideology (kingdom of God, the new covenant, light and darkness, politics. The result is a picture of Jesus (with his focus on human suffering in sharp relief versus Qumran and facets of the early church.

  4. Putting your human resource department to work for you.

    Science.gov (United States)

    McConnell, C R

    1991-06-01

    As a staff function, human resources is organized as a service activity. Service activities render no patient care; they do not advance the work of the organization. However, they support the performance of the organization's work and in a practical sense become necessary. For example, if a pure service, such as building maintenance, did not exist, the facility's physical plant would gradually self-destruct. Similarly, without human resources to see to the maintenance of the work force, the overall suitability and capability of that work force will steadily erode. Recognize human resources for what it is--an essential service function required to help the organization run as efficiently as possible. Learn what the HR department does, and especially learn why the department does what it does. Provide input to the human resource department. Forge a continuing working relationship with the HR department, making it clear that you expect service from this essential service department. Challenge the HR department to do more, to do better, and to continually improve service--and put the human resource department to work for you and your employees.

  5. Putting equity center stage: challenging evidence-free reforms.

    Science.gov (United States)

    Whitehead, Margaret; Dahlgren, Göran; McIntyre, Di

    2007-01-01

    Do we have an "evidence-free zone" around the health sector reforms that have taken place over the past few decades? Certainly, many of the policy prescriptions have been based on ideology and assumptions about the likely impact of policies, rather than evidence-based. The provision of health care is increasingly treated as a commodity that can be subjected to the same prescription as other goods: privatization, competition, deregulation, decentralization. Evidence has slowly emerged over the 1990s and early 2000s on the adverse effects of these policy prescriptions on equity, particularly in low- and middle-income countries, but a shift in policy is barely perceptible. There is a need for a fresh approach that puts equity center stage. A gap that must be filled is on the "demand" or "need" side: in particular, the impact of policy changes on families and communities. This article is the first in a series of eight articles that present the findings of studies that attempt to fill this gap, helping to develop a more evidence-based approach to equity and health sector policy from the users'/potential patients' perspective.

  6. Putting informed and shared decision making into practice.

    Science.gov (United States)

    Towle, Angela; Godolphin, William; Grams, Garry; Lamarre, Amanda

    2006-12-01

    To investigate the practice, experiences and views of motivated and trained family physicians as they attempt to implement informed and shared decision making (ISDM) in routine practice and to identify and understand the barriers they encounter. Patient involvement in decision making about their health care has been the focus of much academic activity. Although significant conceptual and experimental work has been done, ISDM rarely occurs. Physician attitudes and lack of training are identified barriers. Qualitative analysis of transcripts of consultations and key informant group interviews. Six family physicians received training in the ISDM competencies. Audiotapes of office consultations were made before and after training. Transcripts of consultations were examined to identify behavioural markers associated with each competency and the range of expression of the competencies. The physicians attended group interviews at the end of the study to explore experiences of ISDM. The physicians liked the ISDM model and thought that they should put it into practice. Evidence from transcripts indicated they were able to elicit concerns, ideas and expectations (although not about management) and agree an action plan. They did not elicit preferences for role or information. They sometimes offered choices. They had difficulty achieving full expression of any of the competencies and integrating ISDM into their script for the medical interview. The study also identified a variety of competency-specific barriers. A major barrier to the practice of ISDM by motivated physicians appears to be the need to change well-established patterns of communication with patients.

  7. Efficient Trajectory Options Allocation for the Collaborative Trajectory Options Program

    Science.gov (United States)

    Rodionova, Olga; Arneson, Heather; Sridhar, Banavar; Evans, Antony

    2017-01-01

    The Collaborative Trajectory Options Program (CTOP) is a Traffic Management Initiative (TMI) intended to control the air traffic flow rates at multiple specified Flow Constrained Areas (FCAs), where demand exceeds capacity. CTOP allows flight operators to submit the desired Trajectory Options Set (TOS) for each affected flight with associated Relative Trajectory Cost (RTC) for each option. CTOP then creates a feasible schedule that complies with capacity constraints by assigning affected flights with routes and departure delays in such a way as to minimize the total cost while maintaining equity across flight operators. The current version of CTOP implements a Ration-by-Schedule (RBS) scheme, which assigns the best available options to flights based on a First-Scheduled-First-Served heuristic. In the present study, an alternative flight scheduling approach is developed based on linear optimization. Results suggest that such an approach can significantly reduce flight delays, in the deterministic case, while maintaining equity as defined using a Max-Min fairness scheme.

  8. Disposition Options for Uranium-233

    International Nuclear Information System (INIS)

    Beahm, E.C.; Dole, L.R.; Forsberg, C.W.; Icenhour, A.S.; Storch, S.N.

    1999-01-01

    The U.S. Department of Energy (DOE) Fissile Materials Disposition Program (MD), in support of the U.S. arms-control and nonproliferation policies, has initiated a program to disposition surplus weapons-usable fissile material by making it inaccessible and unattractive for use in nuclear weapons. Weapons-usable fissile materials include plutonium, high-enriched uranium (HEU), and uranium-233 (sup 233)U. In support of this program, Oak Ridge National Laboratory led DOE's contractor efforts to identify and characterize options for the long-term storage and disposal of excess (sup 233)U. Five storage and 17 disposal options were identified and are described herein

  9. TMI abnormal wastes disposal options

    International Nuclear Information System (INIS)

    Ayers, A.L. Jr.

    1984-03-01

    A substantial quantity of high beta-gamma/high-TRU contaminated wastes are expected from cleanup activities of Unit 2 of the Three Mile Island Nuclear Power Station. Those wastes are not disposable because of present regulatory constraints. Therefore, they must be stored temporarily. This paper discusses three options for storage of those wastes at the Idaho National Engineering Laboratory: (1) storage in temporary storage casks; (2) underground storage in vaults; and (3) storage in silos at a hot shop. Each option is analyzed and evaluated. Also included is a discussion of future disposal strategies, which might be pursued when a suitable federal or commercial repository is built

  10. Design Evolution Study - Aging Options

    International Nuclear Information System (INIS)

    McDaniel, P.

    2002-01-01

    The purpose of this study is to identify options and issues for aging commercial spent nuclear fuel received for disposal at the Yucca Mountain Mined Geologic Repository. Some early shipments of commercial spent nuclear fuel to the repository may be received with high-heat-output (younger) fuel assemblies that will need to be managed to meet thermal goals for emplacement. The capability to age as much as 40,000 metric tons of heavy metal of commercial spent nuclear he1 would provide more flexibility in the design to manage this younger fuel and to decouple waste receipt and waste emplacement. The following potential aging location options are evaluated: (1) Surface aging at four locations near the North Portal; (2) Subsurface aging in the permanent emplacement drifts; and (3) Subsurface aging in a new subsurface area. The following aging container options are evaluated: (1) Complete Waste Package; (2) Stainless Steel inner liner of the waste package; (3) Dual Purpose Canisters; (4) Multi-Purpose Canisters; and (5) New disposable canister for uncanistered commercial spent nuclear fuel. Each option is compared to a ''Base Case,'' which is the expected normal waste packaging process without aging. A Value Engineering approach is used to score each option against nine technical criteria and rank the options. Open issues with each of the options and suggested future actions are also presented. Costs for aging containers and aging locations are evaluated separately. Capital costs are developed for direct costs and distributable field costs. To the extent practical, unit costs are presented. Indirect costs, operating costs, and total system life cycle costs will be evaluated outside of this study. Three recommendations for aging commercial spent nuclear fuel--subsurface, surface, and combined surface and subsurface are presented for further review in the overall design re-evaluation effort. Options that were evaluated but not recommended are: subsurface aging in a new

  11. Technetium removal: preliminary flowsheet options

    International Nuclear Information System (INIS)

    Eager, K.M.

    1995-01-01

    This document presents the results of a preliminary investigation into options for preliminary flowsheets for 99Tc removal from Hanford Site tank waste. A model is created to show the path of 99Tc through pretreatment to disposal. The Tank Waste Remediation (TWRS) flowsheet (Orme 1995) is used as a baseline. Ranges of important inputs to the model are developed, such as 99Tc inventory in the tanks and important splits through the TWRS flowsheet. Several technetium removal options are discussed along with sensitivities of the removal schemes to important model parameters

  12. Comparison between three option, four option and five option multiple choice question tests for quality parameters: A randomized study.

    Science.gov (United States)

    Vegada, Bhavisha; Shukla, Apexa; Khilnani, Ajeetkumar; Charan, Jaykaran; Desai, Chetna

    2016-01-01

    Most of the academic teachers use four or five options per item of multiple choice question (MCQ) test as formative and summative assessment. Optimal number of options in MCQ item is a matter of considerable debate among academic teachers of various educational fields. There is a scarcity of the published literature regarding the optimum number of option in each item of MCQ in the field of medical education. To compare three options, four options, and five options MCQs test for the quality parameters - reliability, validity, item analysis, distracter analysis, and time analysis. Participants were 3 rd semester M.B.B.S. students. Students were divided randomly into three groups. Each group was given one set of MCQ test out of three options, four options, and five option randomly. Following the marking of the multiple choice tests, the participants' option selections were analyzed and comparisons were conducted of the mean marks, mean time, validity, reliability and facility value, discrimination index, point biserial value, distracter analysis of three different option formats. Students score more ( P = 0.000) and took less time ( P = 0.009) for the completion of three options as compared to four options and five options groups. Facility value was more ( P = 0.004) in three options group as compared to four and five options groups. There was no significant difference between three groups for the validity, reliability, and item discrimination. Nonfunctioning distracters were more in the four and five options group as compared to three option group. Assessment based on three option MCQs is can be preferred over four option and five option MCQs.

  13. Putting ecology in environmental remediation: The strategic planning process

    International Nuclear Information System (INIS)

    Kapustka, L.A.; Williams, B.A.

    1991-01-01

    Traditional ecological studies have been conducted on many sites impacted by hazardous wastes. Yet in many cases, the information obtained has had limited value in the selection of remediation options. This paper discusses the importance of developing an ecological risk-based strategic plan to fulfill the scientific and social needs demanded in the remediation and restoration of hazardous waste sites. Ecological issues need to be considered seriously at the earliest phases of the scoping process. The decisions regarding selection of assessment endpoints and data quality objectives must be incorporated from the start to insure that cost-efficient and useful measurements are used. It is too late to develop effective ecological studies after the engineering decisions have been made. Strategic planning that integrates ecological concerns will minimize the frustration and the cost associated with clean up of hazardous waste sites and maximize the likelihood of successful site restoration

  14. How to put on an ANS teachers' workshop

    International Nuclear Information System (INIS)

    Besmann, T.M.

    1991-01-01

    One of the most successful public outreach programs organized by the American Nuclear Society (ANS) has been the teachers' workshops. They are so highly thought of that a national meeting is considered incomplete without an attendant workshop. The workshops are also included in topical meetings, and a number are simply organized by local sections with no connection to a technical meeting. The accumulated experience with these workshops has now matured to where a set of reasonable guidelines can be established, although there are no guarantees of success or hard and fast rules

  15. Dynamics Model Applied to Pricing Options with Uncertain Volatility

    Directory of Open Access Journals (Sweden)

    Lorella Fatone

    2012-01-01

    model is proposed. The data used to test the calibration problem included observations of asset prices over a finite set of (known equispaced discrete time values. Statistical tests were used to estimate the statistical significance of the two parameters of the Black-Scholes model: the volatility and the drift. The effects of these estimates on the option pricing problem were investigated. In particular, the pricing of an option with uncertain volatility in the Black-Scholes framework was revisited, and a statistical significance was associated with the price intervals determined using the Black-Scholes-Barenblatt equations. Numerical experiments involving synthetic and real data were presented. The real data considered were the daily closing values of the S&P500 index and the associated European call and put option prices in the year 2005. The method proposed here for calibrating the Black-Scholes dynamics model could be extended to other science and engineering models that may be expressed in terms of stochastic dynamical systems.

  16. Global plutonium management: A security option

    International Nuclear Information System (INIS)

    Sylvester, K.W.B.

    1998-01-01

    The US surplus plutonium disposition program was created to reduce the proliferation risk posed by the fissile material from thousands of retired nuclear weapons. The Department of Energy has decided to process its Put into a form as secure as Pu in civilian spent fuel. While implementation issues have been considered, a major one (Russian reciprocity) remains unresolved. Russia has made disposition action conditional on extracting the fuel value of its Pu but lacks the infrastructure to do so. Assistance in the construction of the required facilities would conflict with official US policy opposing the development of a Pu fuel cycle. The resulting stagnation provides impetus for a reevaluation of US nonproliferation objectives and Pu disposition options. A strategy for satisfying Russian fuel value concerns and reducing the proliferation risk posed by surplus weapons-grade plutonium (WGPu) is proposed. The effectiveness of material alteration (e.g., isotopic, chemical, etc.hor-ellipsis) at reducing the desire, ability and opportunity for proliferation is assessed. Virtually all the security benefits attainable by material processing can be obtained by immobilizing Pu in large unit size/mass monoliths without a radiation barrier. Russia would be allowed to extract the Pu at a future date for use as fuel in a verifiable manner. Remote tracking capability, if proven feasible, would further improve safeguarding capability. As an alternate approach, the US could compensate Russia for its Pu, allowing it to be disposed of or processed elsewhere. A market based method for pricing Pu is proposed. Surplus Pu could represent access to nuclear fuel at a fixed price at a future date. This position can be replicated in the uranium market and priced using derivative theory. The proposed strategy attempts to meet nonproliferation objectives by recognizing technical limitations and satisfying political constraints

  17. Putting informed and shared decision making into practice

    Science.gov (United States)

    Towle, Angela; Godolphin, William; Grams, Garry; LaMarre, Amanda

    2006-01-01

    Abstract Objective  To investigate the practice, experiences and views of motivated and trained family physicians as they attempt to implement informed and shared decision making (ISDM) in routine practice and to identify and understand the barriers they encounter. Background  Patient involvement in decision making about their health care has been the focus of much academic activity. Although significant conceptual and experimental work has been done, ISDM rarely occurs. Physician attitudes and lack of training are identified barriers. Design  Qualitative analysis of transcripts of consultations and key informant group interviews. Settings and participants  Six family physicians received training in the ISDM competencies. Audiotapes of office consultations were made before and after training. Transcripts of consultations were examined to identify behavioural markers associated with each competency and the range of expression of the competencies. The physicians attended group interviews at the end of the study to explore experiences of ISDM. Results  The physicians liked the ISDM model and thought that they should put it into practice. Evidence from transcripts indicated they were able to elicit concerns, ideas and expectations (although not about management) and agree an action plan. They did not elicit preferences for role or information. They sometimes offered choices. They had difficulty achieving full expression of any of the competencies and integrating ISDM into their script for the medical interview. The study also identified a variety of competency‐specific barriers. Conclusion  A major barrier to the practice of ISDM by motivated physicians appears to be the need to change well‐established patterns of communication with patients. PMID:17083559

  18. Putting Personal Knowledge Management under the Macroscope of Informing Science

    Directory of Open Access Journals (Sweden)

    Ulrich Schmitt

    2015-08-01

    Full Text Available The paper introduces a novel Personal Knowledge Management (PKM concept and prototype system. The system’s objective is to aid life-long-learning, resourcefulness, creativity, and teamwork of individuals throughout their academic and professional life and as contributors and beneficiaries of organizational and societal performance. Such a scope offers appealing and viable opportunities for stakeholders in the educational, professional, and developmental context. To further validate the underlying PKM application design, the systems thinking techniques of the transdiscipline of Informing Science (IS are employed. By applying Cohen’s IS-Framework, Leavitt’s Diamond Model, the IS-Meta Approach, and Gill’s and Murphy’s Three Dimensions of Design Task Complexity, the more specific KM models and methodologies central to the PKMS concept are aligned, introduced, and visualized. The extent of this introduction offers an essential overview, which can be deepened and broadened by using the cited URL and DOI links pointing to the available resources of the author’s prior publications. The paper emphasizes the differences of the proposed meme-based PKM System compared to its traditional organizational document-centric counterparts as well as its inherent complementing synergies. As a result, it shows how the system is closing in on Vannevar Bush’s still unfulfilled vison of the ‘Memex’, an as-close-as-it-gets imaginary ancestor celebrating its 70th anniversary as an inspiring idea never realized. It also addresses the scenario recently put forward by Levy which foresees a decentralizing revolution of knowledge management that gives more power and autonomy to individuals and self-organized groups. Accordingly, it also touches on the PKM potential in terms of Kuhn’s Scientific Revolutions and Disruptive Innovations.

  19. Document Delivery: Evaluating the Options.

    Science.gov (United States)

    Ward, Suzanne M.

    1997-01-01

    Discusses options available to libraries for document delivery. Topics include users' needs; cost; copyright compliance; traditional interlibrary loan; types of suppliers; selection criteria, including customer service; new developments in interlibrary loan, including outsourcing arrangements; and the need to evaluate suppliers. (LRW)

  20. Exploring Higher Education Financing Options

    Science.gov (United States)

    Nkrumah-Young, Kofi K.; Powell, Philip

    2011-01-01

    Higher education can be financed privately, financed by governments, or shared. Given that the benefits of education accrue to the individual and the state, many governments opt for shared financing. This article examines the underpinnings of different options for financing higher education and develops a model to compare conditions to choices and…

  1. New options for purchasing electricity

    International Nuclear Information System (INIS)

    2003-10-01

    This guide is intended for small to medium commercial customers in Alberta and explains new options for purchasing electricity. Small to medium customers include corner stores, community centres, schools, small office buildings, and light industrial businesses. In the 1990s, private power producers in Alberta built 3,000 megawatts of new generation, adding 30 per cent more supply to the power grid in the province. Prices in the deregulated electricity market have fluctuated with natural gas prices, changing weather and changing power demands. The competitive electricity market was opened on January 1, 2001 in Alberta, offering consumers purchasing choices such as green power, multi-year contracts, or electricity rates under the Regulated Rate Option (RRO). The RRO was a transition mechanism that will end by December 31, 2003 at which time, small to medium commercial customers will have the option to shop around for competitive electricity contracts that provide a fixed price of power over time, or they can opt to stay with their current supplier and receive a regulated flow-through of market prices. Under the flow-through option, risk of future deferral charges is reduced, but electricity prices will probably change between billing periods. 1 fig

  2. LHC challenges and upgrade options

    Energy Technology Data Exchange (ETDEWEB)

    Bruning, O [CERN AB/ABP, Y03600, 1211 Geneva 23 (Switzerland)], E-mail: Oliver.Bruning@cern.ch

    2008-05-15

    The presentation summarizes the key parameters of the LHC collider. Following a discussion of the main challenges for reaching the nominal machine performance the presentation identifies options for increasing the operation tolerances and the potential performance reach of the LHC by means of future hardware upgrades of the LHC and its injector complex.

  3. LHC challenges and upgrade options

    International Nuclear Information System (INIS)

    Bruning, O

    2008-01-01

    The presentation summarizes the key parameters of the LHC collider. Following a discussion of the main challenges for reaching the nominal machine performance the presentation identifies options for increasing the operation tolerances and the potential performance reach of the LHC by means of future hardware upgrades of the LHC and its injector complex

  4. Risk Neutral Option Pricing With Neither Dynamic Hedging nor Complete Markets

    OpenAIRE

    Nassim N. Taleb

    2014-01-01

    Proof that under simple assumptions, such as constraints of Put-Call Parity, the probability measure for the valuation of a European option has the mean derived from the forward price which can, but does not have to be the risk-neutral one, under any general probability distribution, bypassing the Black-Scholes-Merton dynamic hedging argument, and without the requirement of complete markets and other strong assumptions. We confirm that the heuristics used by traders for centuries are both mor...

  5. Strategic Options for Vietnamese Tea Processors in the Global Value Chain

    DEFF Research Database (Denmark)

    Sørensen, Olav Jull; Luong Thi Ngoc, Oanh; Nguyen Thi Hai, Yen

    2009-01-01

    The aim of the chapter is to study the position of Vietnamese tea producers, processors and traders in the Global Value CHain for tea and analyse the strategic options at various levels of the chain. The dominant governance at the Vietnamese level is found to be the market and this puts constraints...... on the possibilities for upgrading and for identifying a local driver of the chain. A few transnational companies dominate the global value chain for tea....

  6. Alternative Fuels Data Center: Biodiesel Equipment Options

    Science.gov (United States)

    Equipment Options to someone by E-mail Share Alternative Fuels Data Center: Biodiesel Equipment Options on Facebook Tweet about Alternative Fuels Data Center: Biodiesel Equipment Options on Twitter Bookmark Alternative Fuels Data Center: Biodiesel Equipment Options on Google Bookmark Alternative Fuels

  7. 26 CFR 1.544-4 - Options.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Options. 1.544-4 Section 1.544-4 Internal Revenue... (CONTINUED) Personal Holding Companies § 1.544-4 Options. The shares of stock which may be acquired by reason of an option shall be considered to be constructively owned by the individual having the option to...

  8. 24 CFR 206.19 - Payment options.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Payment options. 206.19 Section 206... CONVERSION MORTGAGE INSURANCE Eligibility; Endorsement Eligible Mortgages § 206.19 Payment options. (a) Term payment option. Under the term payment option, equal monthly payments are made by the mortgagee to the...

  9. 48 CFR 2917.207 - Exercising options.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Exercising options. 2917... AND CONTRACT TYPES SPECIAL CONTRACTING METHODS Options 2917.207 Exercising options. The contracting officer must use a standardized determination and finding before exercising an option in accordance with...

  10. Stata 8 Graphics: Options, sub-options and sub-sub-options

    OpenAIRE

    Tim Collier

    2005-01-01

    Stata 8 graphics have changed out of all recognition from that available in earlier versions. It was not just that a whole new array of options and sub-options were introduced, but the graph syntax itself completely changed. Just trying to produce a simple plot of x against y using Stata 7 syntax (graph x y) produced bewildering error messages e.g. xgraph_g.new y: class member function not found r(4023) and the like. If you did succeed in working out the new syntax (graph twoway scatter x y) ...

  11. Biophysical investigation of type A PutAs reveals a conserved core oligomeric structure

    Energy Technology Data Exchange (ETDEWEB)

    Korasick, David A. [Department of Biochemistry, University of Missouri, Columbia MO USA; Singh, Harkewal [Department of Chemistry, University of Missouri, Columbia MO USA; Pemberton, Travis A. [Department of Chemistry, University of Missouri, Columbia MO USA; Luo, Min [Department of Chemistry, University of Missouri, Columbia MO USA; Dhatwalia, Richa [Department of Chemistry, University of Missouri, Columbia MO USA; Tanner, John J. [Department of Biochemistry, University of Missouri, Columbia MO USA; Department of Chemistry, University of Missouri, Columbia MO USA

    2017-08-01

    Many enzymes form homooligomers, yet the functional significance of self-association is seldom obvious. Herein, we examine the connection between oligomerization and catalytic function for proline utilization A (PutA) enzymes. PutAs are bifunctional enzymes that catalyze both reactions of proline catabolism. Type A PutAs are the smallest members of the family, possessing a minimal domain architecture consisting of N-terminal proline dehydrogenase and C-terminal l-glutamate-γ-semialdehyde dehydrogenase modules. Type A PutAs form domain-swapped dimers, and in one case (Bradyrhizobium japonicum PutA), two of the dimers assemble into a ring-shaped tetramer. Whereas the dimer has a clear role in substrate channeling, the functional significance of the tetramer is unknown. To address this question, we performed structural studies of four-type A PutAs from two clades of the PutA tree. The crystal structure of Bdellovibrio bacteriovorus PutA covalently inactivated by N-propargylglycine revealed a fold and substrate-channeling tunnel similar to other PutAs. Small-angle X-ray scattering (SAXS) and analytical ultracentrifugation indicated that Bdellovibrio PutA is dimeric in solution, in contrast to the prediction from crystal packing of a stable tetrameric assembly. SAXS studies of two other type A PutAs from separate clades also suggested that the dimer predominates in solution. To assess whether the tetramer of B. japonicum PutA is necessary for catalytic function, a hot spot disruption mutant that cleanly produces dimeric protein was generated. The dimeric variant exhibited kinetic parameters similar to the wild-type enzyme. These results implicate the domain-swapped dimer as the core structural and functional unit of type A PutAs.

  12. American Illuminations

    DEFF Research Database (Denmark)

    Nye, David

    Illuminated fêtes and civic celebrations began in Renaissance Italy and spread through the courts of Europe. Their fireworks, torches, lamps, and special effects glorified the monarch, marked the birth of a prince, or celebrated military victory. Nineteenth-century Americans rejected such monarch...

  13. Equity Portfolio Management Using Option Price Information

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by using...... stocks' exposure to crude oil option information. Option-implied information can also help construct better mean-variance portfolios and better estimates of market beta....

  14. The Pricing of Foreign Currency Futures Options

    OpenAIRE

    Chang Mo Ahn

    1996-01-01

    We derive semi-closed form solutions for the forward and futures exchange rates, European foreign currency options, currency forward options, and currency futures options when the domestic and foreign interest rate movements follow mean reverting diffusion processes. These solutions are consistent with the Black-Scholes option formula so that they can be easily applied. The impact of interest rate uncertainty on theoretical prices of currency futures options is too significant to be neglected.

  15. Pawnee Nation Energy Option Analyses

    Energy Technology Data Exchange (ETDEWEB)

    Matlock, M.; Kersey, K.; Riding In, C.

    2009-07-31

    In 2003, the Pawnee Nation leadership identified the need for the tribe to comprehensively address its energy issues. During a strategic energy planning workshop a general framework was laid out and the Pawnee Nation Energy Task Force was created to work toward further development of the tribe’s energy vision. The overarching goals of the “first steps” project were to identify the most appropriate focus for its strategic energy initiatives going forward, and to provide information necessary to take the next steps in pursuit of the “best fit” energy options. Based on the request of Pawnee Nation’s Energy Task Force the research team, consisting Tribal personnel and Summit Blue Consulting, focused on a review of renewable energy resource development potential, funding sources and utility organizational along with energy savings options. Elements of the energy demand forecasting and characterization and demand side options review remained in the scope of work, but were only addressed at a high level. Description of Activities Performed Renewable Energy Resource Development Potential The research team reviewed existing data pertaining to the availability of biomass (focusing on woody biomass, agricultural biomass/bio-energy crops, and methane capture), solar, wind and hydropower resources on the Pawnee-owned lands. Using these data, combined with assumptions about costs and revenue streams, the research team performed preliminary feasibility assessments for each resource category. The research team also reviewed available funding resources and made recommendations to Pawnee Nation highlighting those resources with the greatest potential for financially-viable development, both in the near-term and over a longer time horizon. Energy Efficiency Options While this was not a major focus of the project, the research team highlighted common strategies for reducing energy use in buildings. The team also discussed the benefits of adopting a building energy code and

  16. Panorama 2014 - The energy scenarios put forward by the Ancre

    International Nuclear Information System (INIS)

    Hache, Emmanuel

    2014-01-01

    The Alliance nationale de coordination de la recherche pour l'energie (Ancre), France's National Alliance for Energy Research Coordination which is made up of all of the country's public bodies involved in energy, wanted to contribute to the discussions that began within the framework of the debate initiated in autumn 2012 and as part of preparations for the law on energy transition. It wanted to do this by shedding some light (sharing its own expertise in research, technological development and innovation) on the various barriers (mainly of a technological nature) that will need to be overcome in order to reach the ambitious targets for reducing greenhouse gas emissions. One of the aims was to assess the conditions required and the impacts of the various possible pathways for reaching this target. This approach sets out to shed light on options on the basis of efficiency criteria, both in terms of the energy policy and in terms of France's current economic and industrial situation. (author)

  17. Muscular power, neuromuscular activation, and performance in shot put athletes at preseason and at competition period.

    Science.gov (United States)

    Kyriazis, Thomas A; Terzis, Gerasimos; Boudolos, Konstantinos; Georgiadis, Georgios

    2009-09-01

    The aim of this study was to investigate changes in shot put performance, muscular power, and neuromuscular activation of the lower extremities, between the preseason and the competition period, in skilled shot put athletes using the rotational technique. Shot put performance was assessed at the start of the pre-season period as well as after 12 weeks, at the competition period, in nine shot putters. Electromyographic (EMG) activity of the right vastus lateralis muscle was recorded during all shot put trials. Maximum squat strength (1RM) and mechanical parameters during the countermovement jump (CMJ) on a force platform were also determined at pre-season and at competition period. Shot put performance increased 4.7% (p phase was increased significantly (p training period. Shot put performance was significantly related with muscular power and takeoff velocity during the CMJ, at competition period (r = 0.66, p competition period.

  18. Efficient Pricing of European-Style Asian Options under Exponential Lévy Processes Based on Fourier Cosine Expansions

    NARCIS (Netherlands)

    Zhang, B.; Oosterlee, C.W.

    2013-01-01

    We propose an efficient pricing method for arithmetic and geometric Asian options under exponential Lévy processes based on Fourier cosine expansions and Clenshaw–Curtis quadrature. The pricing method is developed for both European style and American-style Asian options and for discretely and

  19. Depleted uranium disposal options evaluation

    International Nuclear Information System (INIS)

    Hertzler, T.J.; Nishimoto, D.D.; Otis, M.D.

    1994-05-01

    The Department of Energy (DOE), Office of Environmental Restoration and Waste Management, has chartered a study to evaluate alternative management strategies for depleted uranium (DU) currently stored throughout the DOE complex. Historically, DU has been maintained as a strategic resource because of uses for DU metal and potential uses for further enrichment or for uranium oxide as breeder reactor blanket fuel. This study has focused on evaluating the disposal options for DU if it were considered a waste. This report is in no way declaring these DU reserves a ''waste,'' but is intended to provide baseline data for comparison with other management options for use of DU. To PICS considered in this report include: Retrievable disposal; permanent disposal; health hazards; radiation toxicity and chemical toxicity

  20. Emerging Options for Emergency Contraception

    Directory of Open Access Journals (Sweden)

    Atsuko Koyama

    2013-01-01

    Full Text Available Emergency post-coital contraception (EC is an effective method of preventing pregnancy when used appropriately. EC has been available since the 1970s, and its availability and use have become widespread. Options for EC are broad and include the copper intrauterine device (IUD and emergency contraceptive pills such as levonorgestrel, ulipristal acetate, combined oral contraceptive pills (Yuzpe method, and less commonly, mifepristone. Some options are available over-the-counter, while others require provider prescription or placement. There are no absolute contraindications to the use of emergency contraceptive pills, with the exception of ulipristal acetate and mifepristone. This article reviews the mechanisms of action, efficacy, safety, side effects, clinical considerations, and patient preferences with respect to EC usage. The decision of which regimen to use is influenced by local availability, cost, and patient preference.

  1. Emerging Options for Emergency Contraception

    Science.gov (United States)

    Koyama, Atsuko; Hagopian, Laura; Linden, Judith

    2013-01-01

    Emergency post-coital contraception (EC) is an effective method of preventing pregnancy when used appropriately. EC has been available since the 1970s, and its availability and use have become widespread. Options for EC are broad and include the copper intrauterine device (IUD) and emergency contraceptive pills such as levonorgestrel, ulipristal acetate, combined oral contraceptive pills (Yuzpe method), and less commonly, mifepristone. Some options are available over-the-counter, while others require provider prescription or placement. There are no absolute contraindications to the use of emergency contraceptive pills, with the exception of ulipristal acetate and mifepristone. This article reviews the mechanisms of action, efficacy, safety, side effects, clinical considerations, and patient preferences with respect to EC usage. The decision of which regimen to use is influenced by local availability, cost, and patient preference. PMID:24453516

  2. 5 CFR 870.705 - Amount and election of Option B and Option C.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 2 2010-01-01 2010-01-01 false Amount and election of Option B and Option C. 870.705 Section 870.705 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT (CONTINUED... Compensationers § 870.705 Amount and election of Option B and Option C. (a) The number of multiples of Option B...

  3. The science of golf putting a complete guide for researchers, players and coaches

    CERN Document Server

    Dias, Gonçalo

    2015-01-01

    This SpringerBrief explores the motor performance and biomechanics of golf putting, providing methodologies, studies and approaches to this concept. Presenting outcomes of research published over the past six years, it offers guidelines from a scientifically oriented perspective, and employs new technologies and mathematical methods to assess golf putting. The chapters cover aspects such as pendulum-like motion in sports, setting up the experimental design, and performance metrics for putting variables. Paving the way for an improved understanding of what leads to failure and success in golf putting, this book offers an invaluable reference source for sports scientists, engineers and mathematicians, as well as golfers.

  4. Stochastic Skew in Currency Options

    OpenAIRE

    Peter Carr; Liuren Wu

    2004-01-01

    We document the behavior of over-the-counter currency option prices across moneyness, maturity, and calendar time on two of the most actively traded currency pairs over the past eight years. We find that the risk-neutral distribution of currency returns is relatively symmetric on average. However, on any given date, the conditional currency return distribution can show strong asymmetry. This asymmetry varies greatly over time and often switch directions. We design and estimate a class of mode...

  5. Getting real with real options

    OpenAIRE

    M. R Grasselli

    2006-01-01

    We apply a utility-based method to obtain the value of a finite-time investment opportunity when the underlying real asset is not perfectly correlated to a traded financial asset. Using a discrete-time algorithm to calculate the indifference price for this type of real option, we present numerical examples for the corresponding investment thresholds, in particular highlighting their dependence with respect to correlation and risk aversion.

  6. Methodology for ranking restoration options

    DEFF Research Database (Denmark)

    Jensen, Per Hedemann

    1999-01-01

    techniques as a function of contamination and site characteristics. The project includes analyses of existing remediation methodologies and contaminated sites, and is structured in the following steps:-characterisation of relevant contaminated sites -identication and characterisation of relevant restoration...... techniques -assessment of the radiological impact -development and application of a selection methodology for restoration options -formulation ofgeneric conclusions and development of a manual The project is intended to apply to situations in which sites with nuclear installations have been contaminated...

  7. Putting Role 1 first: the Role 1 capability review.

    Science.gov (United States)

    Hodgetts, T J; Findlay, S

    2012-09-01

    To quantify the risk for delivering care at Role 1 in the Land Environment (point of wounding to hospital care) on current operations and set the conditions for systematic change to enhance future capability. UK, US and Danish Army Role 1 Subject Matter Experts (SMEs) (1) Questionnaire study ofUK SMEs to determine capability gaps; (2) Questionnaire study of US and Danish SMEs to benchmark UK capability; (3) Semi-structured interviews of UK SMEs; (4) In-theatre evaluation of deployed Role 1. Thirty two SMEs completed the questionnaire (68% response rate), comprising 25 medical officers (20 in clinical appointments; five in command and staff appointments), six nurses and one medical support officer. Results of the entire review were collated as a cross-Defence Lines of Development analysis, separating the specific experience of 1 Medical Regiment's Hybrid Foundation Training (HFT), Mission Specific Training (MST) and deployment cycle from the analysis gained from questionnaire studies, SME consultation and documentary evidence. The review generated 77 recommendations and 38 sub-recommendations. The top six messages of the review were (1) To balance the expressed desire to increase the ratio of trained Team Medics with the reality of generating credible instructors with clinical experience; (2) To recognise that inadequate experience for Combat Medical Technicians in Primary Healthcare in the Firm Base undermines their operational preparedness; (3) To recognise that Current Regimental Aid Post (RAP) at contingency without power lacks the rudimentary infrastructure of a modern Medical Treatment Facility; (4) To recognise that inappropriate deployment of personnel with chronic disease or acutely limiting conditions is a consistent trend for 20 years that highlights continuing system weaknesses in applying protective medical grading; (5) To accept that General Practitioner manning requires re-evaluating as an Operational Pinch Point, reviewing all options to maintain

  8. Options for Steam Generator Decommissioning

    International Nuclear Information System (INIS)

    Krause, Gregor; Amcoff, Bjoern; Robinson, Joe

    2016-01-01

    Selecting the best option for decommissioning steam generators is a key consideration in preparing for decommissioning PWR nuclear power plants. Steam Generators represent a discrete waste stream of large, complex items that can lend themselves to a variety of options for handling, treatment, recycling and disposal. Studsvik has significant experience in processing full size Steam Generators at its metal recycling facility in Sweden, and this paper will introduce the Studsvik steam generator treatment concept and the results achieved to date across a number of projects. The paper will outline the important parameters needed at an early stage to assess options and to help consider the balance between off-site and on-site treatment solutions, and the role of prior decontamination techniques. The paper also outlines the use of feasibility studies and demonstration projects that have been used to help customers prepare for decommissioning. The paper discusses physical, radiological and operational history data, Pro and Contra factors for on- and off-site treatment, the role of chemical decontamination prior to treatment, planning for off-site shipments as well as Studsvik experience This paper has an original focus upon the coming challenges of steam generator decommissioning and potential external treatment capacity constraints in the medium term. It also focuses on the potential during operations or initial shut-down to develop robust plans for steam generator management. (authors)

  9. Hazardous landfill management, control options

    International Nuclear Information System (INIS)

    Corbin, M.H.; Lederman, P.B.

    1982-01-01

    The land disposal of hazardous wastes has been a common practice over the last half century. The industrial and environmental communities, as well as the public, have an immediate challenge to control the contaminants that may be released from waste land disposal facilities. At the same time, land disposal continues to be, in many cases, the only available disposal technique that can be utilized in the next five years. Thus, it is extremely important that environmentally sound landfill management and control techniques be utilized, both for inactive and active sites. There are a number of key steps in developing a sound management and control plan. These include problem definition, personnel safety, characterization, evaluation of control options, cost-effectiveness analysis and development of an integrated control plan. A number of control options, including diversion, regrading, sealing, and leachate treatment are available and more cost effective in most cases than waste removal. These and other options, as well as the methodology to develop an integrated control plan, are discussed, together with examples. (Auth.)

  10. Illiquidity Premia in the Equity Options Market

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

    Illiquidity is well-known to be a significant determinant of stock and bond returns. We report on illiquidity premia in the equity options market. An increase in option illiquidity decreases the current option price and implies higher expected option returns. This effect is statistically and econ......Illiquidity is well-known to be a significant determinant of stock and bond returns. We report on illiquidity premia in the equity options market. An increase in option illiquidity decreases the current option price and implies higher expected option returns. This effect is statistically...... and economically signifi…cant. It is robust across different empirical approaches and when including various control variables. The illiquidity of the underlying stock affects the option return negatively, consistent with a hedging argument: When stock market illiquidity increases, the cost of replicating...

  11. Policy Options for the Improvement of the European Patent System

    DEFF Research Database (Denmark)

    Schovsbo, Jens Hemmingsen; Cowin, Robin; Van de Eijck, Wim

    2007-01-01

    , the Working Group recognizes that the protection and enforcement of the rights of inventors through the patent system must be done in a manner to stimulate innovation and the diffusion of knowledge. In order to propose meaningful policy options that meet these objectives as much as possible, the evidence put......The present report is based on an independent, policy-oriented investigation of the current European patent system. The central premise of the report is that the patent system has so far been a positive factor in promoting innovation and the diffusion of knowledge, and thus that the system...... is contributing in a constructive way to economic and social welfare objectives. In acknowledging the importance of the patent system in relation to many aspects of society, it is also essential to continually evaluate whether the system is working as effectively as it could be. In addition, because of some...

  12. Race, pharmacogenomics, and marketing: putting BiDil in context.

    Science.gov (United States)

    Kahn, Jonathan

    2006-01-01

    This article endeavors to place into context recent developments surrounding the United States Food and Drug Administration recent approval of BiDil (isosorbide dinitrate/hydralazine hydrochloride) (NitroMed, Inc., Lexington, MA) as the first ever race-specific drug--in this case to treat heart failure in African Americans. It focuses in particular on both commercial incentives and statistical manipulation of medical data as framing the drive to bring BiDil to market as a race-specific drug. In current discourse about pharmacogenomics, targeting a racial audience is perceived as necessary because at this point the technology and resources do not exist to scan efficiently every individual's genetic profile. The article argues that medical researchers may say they are using race as a surrogate to target biology in drug development, but corporations are using biology as a surrogate to target race in drug marketing. Pharmacogenomics may hold great promise, but on our way to that Promised Land, it is imperative to review such short cuts with a critical eye.

  13. The Factor Structure in Equity Options

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

    Principal component analysis of equity options on Dow-Jones firms reveals a strong factor structure. The first principal component explains 77% of the variation in the equity volatility level, 77% of the variation in the equity option skew, and 60% of the implied volatility term structure across...... equities. Furthermore, the first principal component has a 92% correlation with S&P500 index option volatility, a 64% correlation with the index option skew, and a 80% correlation with the index option term structure. We develop an equity option valuation model that captures this factor structure...

  14. A case for reviving the nuclear option

    International Nuclear Information System (INIS)

    Smith, S.H. Jr.

    1991-01-01

    The US simply cannot afford to ignore an energy source that provides the economic, environmental, and strategic benefits that nuclear power has provided over the past three decades. Compared to the mix of coal, oil, and gas that would have been used to generate electricity in its absence, nuclear power has saved American consumers almost $5 billion in electricity charges since 1973; has cut annual SO 2 emissions by 5 million tons, NO x emissions by 2 million tons, and CO 2 emissions by 128 million tons; and has reduced annual oil imports by 270 million barrels. Indications are that the new advanced design reactors presently under development will be able to provide consumers with competitively priced electricity for decades to come. However, political issues, not technical ones, stand in the way. The industry is doing its part to make nuclear energy a viable option. But the industry cannot do it alone. Universities, environmental groups, political organizations, and others also have important roles to play

  15. American Studies

    Directory of Open Access Journals (Sweden)

    V. O. Pechatnov

    2014-01-01

    Full Text Available The "Founding fathers" of American Studies at MGIMO are considered to be A.V. Efimov and L.I. Clove. Alexey Efimov - Corresponding Member of the USSR Academy of Sciences since 1938, Head of the Department of Modern and Contemporary History and Dean of the Historical School at the Moscow State University - one of the first professors of the Faculty of International Relations MGIMO. Efimov distinguished himself by a broad vision and scope of scientific interests. Back in 1934 he published a monograph "On the history of capitalism in the United States," which initiated a series of research culminating in the fundamental work "The United States. The path of capitalist development (pre-imperialist era". Alexey was not only a great scientist but also a great teacher, whose lectures was popular throughout Moscow. His lecture courses, given at the end of the 1940s at MGIMO, became the basis for the first post-war history textbooks USA - "Essays on the history of the United States." At least as colorful a figure was Professor Leo Izrailevich Zubok - a man of unusual destiny. As a teenager he emigrated to the United States with his parents, where he soon joined the American revolutionary movement in the 1920s and was forced to leave the country. He came to MGIMO being already an experienced scientists. His research interests were very wide: from the study of American foreign policy expansion to the history of the labor movement in the United States. Zubok's fundamental works still have not lost its scientific significance. He has successfully combined scientific work with teaching. Tutorials that are based on his lectures were very popular not only among students of MGIMO.

  16. Marketing support of putting on the own trade marks in the retail sector

    Directory of Open Access Journals (Sweden)

    Firsova S.

    2013-02-01

    Full Text Available The article summarizes the practical experience of putting own trade mark by the domestic enterprise on the food market of Ukraine. The author has investigated the marketing strategy of putting on the own trade mark and evaluated its results for the enterprise, formed and implemented to the practice the measures for evaluating the attractiveness of company’s own trade mark.

  17. A new approach to the study of Gold Putting | Dias | South African ...

    African Journals Online (AJOL)

    The aim of this study was to apply non-linear techniques in the analysis of golf putting performance. How players adapt to the variability that emerges from the putting execution and how they self-organize their performance toward the task constraints was investigated. The sample consisted of 10 adult male golfers ...

  18. Collecting costs of community prevention programs: communities putting prevention to work initiative.

    Science.gov (United States)

    Khavjou, Olga A; Honeycutt, Amanda A; Hoerger, Thomas J; Trogdon, Justin G; Cash, Amanda J

    2014-08-01

    Community-based programs require substantial investments of resources; however, evaluations of these programs usually lack analyses of program costs. Costs of community-based programs reported in previous literature are limited and have been estimated retrospectively. To describe a prospective cost data collection approach developed for the Communities Putting Prevention to Work (CPPW) program capturing costs for community-based tobacco use and obesity prevention strategies. A web-based cost data collection instrument was developed using an activity-based costing approach. Respondents reported quarterly expenditures on labor; consultants; materials, travel, and services; overhead; partner efforts; and in-kind contributions. Costs were allocated across CPPW objectives and strategies organized around five categories: media, access, point of decision/promotion, price, and social support and services. The instrument was developed in 2010, quarterly data collections took place in 2011-2013, and preliminary analysis was conducted in 2013. Preliminary descriptive statistics are presented for the cost data collected from 51 respondents. More than 50% of program costs were for partner organizations, and over 20% of costs were for labor hours. Tobacco communities devoted the majority of their efforts to media strategies. Obesity communities spent more than half of their resources on access strategies. Collecting accurate cost information on health promotion and disease prevention programs presents many challenges. The approach presented in this paper is one of the first efforts successfully collecting these types of data and can be replicated for collecting costs from other programs. Copyright © 2014 American Journal of Preventive Medicine. All rights reserved.

  19. Pawnee Nation Energy Option Analyses

    Energy Technology Data Exchange (ETDEWEB)

    Matlock, M.; Kersey, K.; Riding In, C.

    2009-07-21

    Pawnee Nation of Oklahoma Energy Option Analyses In 2003, the Pawnee Nation leadership identified the need for the tribe to comprehensively address its energy issues. During a strategic energy planning workshop a general framework was laid out and the Pawnee Nation Energy Task Force was created to work toward further development of the tribe’s energy vision. The overarching goals of the “first steps” project were to identify the most appropriate focus for its strategic energy initiatives going forward, and to provide information necessary to take the next steps in pursuit of the “best fit” energy options. Description of Activities Performed The research team reviewed existing data pertaining to the availability of biomass (focusing on woody biomass, agricultural biomass/bio-energy crops, and methane capture), solar, wind and hydropower resources on the Pawnee-owned lands. Using these data, combined with assumptions about costs and revenue streams, the research team performed preliminary feasibility assessments for each resource category. The research team also reviewed available funding resources and made recommendations to Pawnee Nation highlighting those resources with the greatest potential for financially-viable development, both in the near-term and over a longer time horizon. Findings and Recommendations Due to a lack of financial incentives for renewable energy, particularly at the state level, combined mediocre renewable energy resources, renewable energy development opportunities are limited for Pawnee Nation. However, near-term potential exists for development of solar hot water at the gym, and an exterior wood-fired boiler system at the tribe’s main administrative building. Pawnee Nation should also explore options for developing LFGTE resources in collaboration with the City of Pawnee. Significant potential may also exist for development of bio-energy resources within the next decade. Pawnee Nation representatives should closely monitor

  20. Treatment Options by Stage (Vaginal Cancer)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) depends on the ... or in other parts of the body. Treatment Option Overview Key Points There are different types of ...

  1. Treatment Options for Chronic Myeloproliferative Neoplasms

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options for primary myelofibrosis. Prognosis (chance of recovery ) depends ... factors affect prognosis (chance of recovery) and treatment options for essential thrombocythemia. Prognosis (chance of recovery ) and ...

  2. Treatment Options for Nonmelanoma Skin Cancer

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) depends mostly on ... helped by lip balm or petroleum jelly . Treatment Option Overview Key Points There are different types of ...

  3. Treatment Option Overview (Ovarian Germ Cell Tumors)

    Science.gov (United States)

    ... Germ Cell Tumors Treatment (PDQ®)–Patient Version Treatment Option Overview Go to Health Professional Version Key Points ... and restore) the body’s blood cells. New treatment options Combination chemotherapy (the use of more than one ...

  4. Treatment Option Overview (Childhood Acute Lymphoblastic Leukemia)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options. The prognosis (chance of recovery ) depends on: How ... cancer that does not respond to treatment. Treatment Option Overview Key Points There are different types of ...

  5. Treatment Option Overview (Chronic Myeloproliferative Neoplasms)

    Science.gov (United States)

    ... factors affect prognosis (chance of recovery) and treatment options for primary myelofibrosis. Prognosis (chance of recovery ) depends ... factors affect prognosis (chance of recovery) and treatment options for essential thrombocythemia. Prognosis (chance of recovery ) and ...

  6. The no-arbitrage efficiency test of the OMX Index option market

    DEFF Research Database (Denmark)

    Hou, Ai Jun; Wiktorsson, Magnus; Zhao, RuiZhi

    2012-01-01

    In this paper, we test the market efficiency of the OMXS30 Index option market. The market efficiency definition is the absence of arbitrage oppor- tunity in the market. We first check the arbitrage opportunity by examining the boundary conditions and the Put-Call-Parity that must be satisfied...... in the market. Then a variance based efficiency test is performed by establish- ing a risk neutral portfolio and re-balance the initial portfolio in different trading strategies. In order to choose the most appropriate model for option price and hedging strategies, we calibrate several most applied models, i.......e. the BS, Merton, Heston, Bates model and Affine Jump Diffusion models. Our results indicate that the AJD model significantly outperforms other models in the option price forecast and the trading strategies. The bound- ary and the PCP test and the dynamic hedging strategy results evidence...

  7. [Treatment options for patellar tendinopathy].

    Science.gov (United States)

    Duthon, V B; Borloz, S; Ziltener, J-L

    2012-07-25

    Patellar tendinopathy is also called jumper's knee because of its high incidence in athletes with jumping or cutting activities as soccer, basketball, volleyball. Many different treatment methods have been described. However, no consensus exists regarding the optimal treatment for this condition. According to the literature, eccentric exercise-based physical therapy should be proposed first because of its strong scientific evidence. Shockwave therapy and injections may be useful but their real efficacy still has to be proven by randomized controlled study. For patients recalcitrant to more conservative options, operative management may be indicated.

  8. Model Calibration in Option Pricing

    Directory of Open Access Journals (Sweden)

    Andre Loerx

    2012-04-01

    Full Text Available We consider calibration problems for models of pricing derivatives which occur in mathematical finance. We discuss various approaches such as using stochastic differential equations or partial differential equations for the modeling process. We discuss the development in the past literature and give an outlook into modern approaches of modelling. Furthermore, we address important numerical issues in the valuation of options and likewise the calibration of these models. This leads to interesting problems in optimization, where, e.g., the use of adjoint equations or the choice of the parametrization for the model parameters play an important role.

  9. Cyanobacterial Treatment Options: Permanganate and ...

    Science.gov (United States)

    This presentation will begin with a brief overview of drinking water treatment options for cyanobacteria and their toxins. The treatment discussion will focus on the impacts of permanganate addition to suspensions of toxin-producing Microcystis aeruginosa, followed by powdered activated carbon (PAC) addition. Results will be presented that show changes in toxin concentrations, chlorophyll-a concentrations and cell membrane integrity. The EPA Small Systems Webinar Presentations allow the dissemination of the latest Agency guidance and research to a large geographically dispersed audience while minimizing taxpayer expense

  10. Fuel options for oil sands

    International Nuclear Information System (INIS)

    Wise, T.

    2005-01-01

    This presentation examined fuel options in relation to oil sands production. Options include steam and hydrogen (H 2 ) for upgrading; natural gas by pipeline; bitumen; petroleum coke; and coal. Various cost drivers were also considered for each of the fuel options. It was noted that natural gas has high energy value but the capital cost is low, and that coke's energy value is very low but the capital cost is high. A chart forecasting energy prices was presented. The disposition of Western Canada's northern gas situation was presented. Issues concerning rail transportation for coal were considered. Environmental concerns were also examined. A chart of typical gas requirements for 75,000 B/D oil sands projects was presented. Issues concerning steam generation with gas and mining cogeneration with gas fuel and steam turbines were discussed, as well as cogeneration and H 2 with gas fuels and steam turbines. Various technology and fuel utility options were examined, along with details of equipment and processes. Boiler technologies were reviewed by type as well as fuel and steam quality and pressure. Charts of cogeneration with gas turbine and circulation fluid bed boilers were presented. Gasification processes were reviewed and a supply cost basis was examined. Cost drivers were ranked according to energy, operating considerations and capital investment. Results indicated that fuel costs were significant for gas and coal. Capital costs and capital recovery charge was most significant with coal and gasification technology. Without capital recovery, cash costs favour the use of bitumen and coke. Gasification would need lower capital and lower capital recovery to compete with direct burning. It was concluded that direct burning of bitumen can compete with natural gas. With price volatility anticipated, dual fuel capability for bitumen and gas has merit. Petroleum coke can be produced or retrieved from stockpiles. Utility supply costs of direct burning of coke is

  11. RELAP4 stagnation properties option

    International Nuclear Information System (INIS)

    DeYoung, T.L.

    1979-01-01

    The stagnation properties option in RELAP4/MOD6 was completely reviewed, from theoretical foundation to code application. The result of this investigation was the identification of a fundamental mismatch between the essentially homogeneous, equilibrium-based, RELAP4 code and the nonhomogeneous and/or nonequilibrium critical flow models imposed on the code. By continuously monitoring fluid Mach numbers and adjusting flow areas such that sonic velocity was never exceeded, the mismatch could be accommodated. This approach was implemented, found to work correctly, and will be incorporated into the MOD7 version of the code

  12. 32 CFR 48.201 - Options.

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 1 2010-07-01 2010-07-01 false Options. 48.201 Section 48.201 National Defense...'S FAMILY PROTECTION PLAN Election of Options § 48.201 Options. As provided in § 48.203, a member may... amount equal to such 121/2 per centum. (a) Option 1 is an annuity payable to or on behalf of his widow...

  13. Options contracts in the nuclear fuel industry

    International Nuclear Information System (INIS)

    Fuller, D.M.

    1995-01-01

    This article discusses options trading in the nuclear fuels industry. Although there now exists no formal options market in the nuclear industry, flexibilities, or embedded options, are actually quite common in the long-term supply contracts. The value of these flexibilities can be estimated by applying the methods used to evaluate options. The method used is the Black-Scholes Model, and it is applied to a number of examples

  14. Profile: Asian Americans

    Science.gov (United States)

    ... and Data > Minority Population Profiles > Asian American Profile: Asian Americans Asian American Profile (Map of the US with the top 10 states displaying the largest Asian American population according to the Census Bureau) CA - ...

  15. Immunizations and African Americans

    Science.gov (United States)

    ... Data > Minority Population Profiles > Black/African American > Immunizations Immunizations and African Americans African American adults are less ... 19 to 35 months had comparable rates of immunization. African American women are as likely to have ...

  16. 42 CFR 457.70 - Program options.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 4 2010-10-01 2010-10-01 false Program options. 457.70 Section 457.70 Public... Plans for Child Health Insurance Programs and Outreach Strategies § 457.70 Program options. (a) Health benefits coverage options. A State may elect to obtain health benefits coverage under its plan through— (1...

  17. 48 CFR 17.107 - Options.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Options. 17.107 Section 17... CONTRACT TYPES SPECIAL CONTRACTING METHODS Multiyear Contracting 17.107 Options. Benefits may accrue by including options in a multiyear contract. In that event, contracting officers must follow the requirements...

  18. 24 CFR 35.120 - Options.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 1 2010-04-01 2010-04-01 false Options. 35.120 Section 35.120... and Definitions for All Programs. § 35.120 Options. (a) Standard treatments. Where interim controls are required by this part, the designated party has the option to presume that lead-based paint or...

  19. Help Options in CALL: A Systematic Review

    Science.gov (United States)

    Cardenas-Claros, Monica S.; Gruba, Paul A.

    2009-01-01

    This paper is a systematic review of research investigating help options in the different language skills in computer-assisted language learning (CALL). In this review, emerging themes along with is-sues affecting help option research are identified and discussed. We argue that help options in CALL are application resources that do not only seem…

  20. 78 FR 7997 - Noncompensatory Partnership Options

    Science.gov (United States)

    2013-02-05

    ... Noncompensatory Partnership Options AGENCY: Internal Revenue Service (IRS), Department of the Treasury. ACTION... noncompensatory options and convertible instruments issued by a partnership. The final regulations generally provide that the exercise of a noncompensatory option does not cause the recognition of immediate income...

  1. 48 CFR 317.107 - Options.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Options. 317.107 Section... CONTRACT TYPES SPECIAL CONTRACTING METHODS Multi-year Contracting 317.107 Options. When used as part of a multi-year contract, options shall not be used to extend the performance of the original requirement for...

  2. 38 CFR 6.10 - Options.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Options. 6.10 Section 6.10 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS UNITED STATES GOVERNMENT LIFE INSURANCE Optional Settlement § 6.10 Options. Insurance will be payable in one sum only when...

  3. 38 CFR 8.25 - Options.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Options. 8.25 Section 8.25 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS NATIONAL SERVICE LIFE INSURANCE Optional Settlements § 8.25 Options. Insurance will be paid in a lump sum only when selected by...

  4. 24 CFR 221.255 - Assignment option.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Assignment option. 221.255 Section... Assignment option. (a) A mortgagee holding a mortgage insured pursuant to a conditional or firm commitment issued on or before November 30, 1983 has the option to assign, transfer and deliver to the Commissioner...

  5. 24 CFR 221.775 - Option period.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Option period. 221.775 Section 221.775 Housing and Urban Development Regulations Relating to Housing and Urban Development (Continued... § 221.775 Option period. The mortgagee may exercise its option to assign within one year following the...

  6. 24 CFR 221.770 - Assignment option.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Assignment option. 221.770 Section... § 221.770 Assignment option. A mortgagee holding a conditional or firm commitment issued on or before... mortgagee's approved underwriter on or before November 30, 1983) has the option to assign, transfer and...

  7. Option trading and individual investor performance

    NARCIS (Netherlands)

    Bauer, R.; Cosemans, M.; Eichholtz, P.

    2009-01-01

    This paper examines the impact of option trading on individual investor performance. The results show that most investors incur substantial losses on their option investments, which are much larger than the losses from equity trading. We attribute the detrimental impact of option trading on investor

  8. Equity Portfolio Management Using Option Price Information

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by usi...

  9. Option Strike Price and Managerial Investment Decisions

    Institute of Scientific and Technical Information of China (English)

    刘鸿雁; 张维

    2003-01-01

    The manager′s investment decisions is modeled when the manager is risk-averse and has stock options as compensation. It is found that the strike price of options is crucial to the investment incentives of managers, and that the correct value, or interval of values, of managerial stock option strike price can bring stockholder and manager interests in agreement.

  10. Fourier and wavelet option pricing methods

    NARCIS (Netherlands)

    S.C. Maree (Stef); L. Ortiz Gracia (Luis); C.W. Oosterlee (Cornelis); M.A.H. Dempster; J. Kanniainen (Juho); J. Keane (John); E. Vynckier (Erik)

    2018-01-01

    textabstractIn this overview chapter, we will discuss the use of exponentially converging option pricing techniques for option valuation. We will focus on the pricing of European options, and they are the basic instruments within a calibration procedure when fitting the parameters in asset dynamics.

  11. Option Fixation: A Cognitive Contributor to Overconfidence

    Science.gov (United States)

    Sieck, Winston R.; Merkle, Edgar C.; Van Zandt, Trisha

    2007-01-01

    The ASC model of choice and confidence in general knowledge proposes that respondents first Assess the familiarity of presented options, and then use the high-familiarity option as a retrieval cue to Search memory for the purposes of Constructing an explanation about why that high-familiarity option is true. The ASC process implies that…

  12. Disposal options for radioactive waste

    International Nuclear Information System (INIS)

    Olivier, J.P.

    1991-01-01

    On the basis of the radionuclide composition and the relative toxicity of radioactive wastes, a range of different options are available for their disposal. Practically all disposal options rely on confinement of radioactive materials and isolation from the biosphere. Dilution and dispersion into the environment are only used for slightly contaminated gaseous and liquid effluents produced during the routine operation of nuclear facilities, such as power plants. For the bulk of solid radioactive waste, whatever the contamination level and decay of radiotoxicity with time are, isolation from the biosphere is the objective of waste disposal policies. The paper describes disposal approaches and the various techniques used in this respect, such as shallow land burial with minimum engineered barriers, engineered facilities built at/near the surface, rock cavities at great depth and finally deep geologic repositories for long-lived waste. The concept of disposing long-lived waste into seabed sediment layers is also discussed, as well as more remote possibilities, such as disposal in outer space or transmutation. For each of these disposal methods, the measures to be adopted at institutional level to reinforce technical isolation concepts are described. To the extent possible, some comments are made with regard to the applicability of such disposal methods to other hazardous wastes. (au)

  13. Treatment options for hepatocellular carcinoma.

    Science.gov (United States)

    Sandhu, Dalbir S; Tharayil, Vivek S; Lai, Jin-Ping; Roberts, Lewis R

    2008-02-01

    Hepatocellular carcinoma (HCC) is frequently diagnosed at advanced stages and has a high mortality rate. With improved survival of patients with cirrhotic liver disease and increased prevalence of chronic hepatitis C viral infections, a rise in the number of HCC cases is being reported worldwide. Early diagnosis and treatment can significantly improve the prognosis of patients with HCC. Although surgical resection is an important potentially curative therapy for liver tumors, in appropriately selected patients, liver transplantation has been shown to achieve excellent survival rates for a solid tumor. Locally ablative and locoregional therapies in the form of percutaneous ethanol injection, radiofrequency ablation, transcatheter arterial chemoembolization and transcatheter arterial radioembolization (TheraSphere) are viable options in patients with unresectable HCC. Unfortunately, the role of systemic therapy has been very limited in the treatment of these patients. Novel treatment options based on an improved understanding of the molecular pathogenesis of HCC are being explored. These targeted molecular therapies are aimed at growth factors and their receptors, intracellular signal transduction and cell cycle control. A substantial improvement in outcomes of intermediate and advanced stage HCC is expected with the advent of these targeted therapies, used in combination with surgical or locoregional therapies. Recent positive results from a large Phase III study of the receptor tyrosine kinase inhibitor, sorafenib, hold great promise in the treatment of HCC.

  14. Study of Agricultural Product Options Pricing

    Science.gov (United States)

    HONG, Qiu

    2017-09-01

    China is a large agricultural country, and the healthy development of agriculture is related to the stability of the whole society. The agricultural production and management of agricultural products are confronted with many risks, especially the market risks. Option contract is the object of option market transaction, so it is very important to study the option contract of agricultural products. Option trading separates the risk and profit, so that the trader can avoid the risk while retaining the opportunity to obtain income. The option has the characteristics of low transaction cost, simple and efficient, so it is suitable for small and medium investors.

  15. Valuing real options: frequently made errors

    OpenAIRE

    Fernández, Pablo

    2002-01-01

    In this paper we analyze frequently made errors when valuing real options. The best way of doing it is through examples. We start by analyzing Damodaran's proposal to value the option to expand the business of Home Depot. Some of the errors and problems of this and other approaches are: - Assuming that the option is replicable and using Black and Scholes' formula. - The estimation of the option's volatility is arbitrary and has a decisive effect on the option's value. - As there is no riskles...

  16. Option-implied measures of equity risk

    DEFF Research Database (Denmark)

    Chang, Bo-Young; Christoffersen, Peter; Vainberg, Gregory

    2012-01-01

    Equity risk measured by beta is of great interest to both academics and practitioners. Existing estimates of beta use historical returns. Many studies have found option-implied volatility to be a strong predictor of future realized volatility. We find that option-implied volatility and skewness...... are also good predictors of future realized beta. Motivated by this finding, we establish a set of assumptions needed to construct a beta estimate from option-implied return moments using equity and index options. This beta can be computed using only option data on a single day. It is therefore potentially...

  17. Observing Optional Number in DDC Edition 23

    Directory of Open Access Journals (Sweden)

    Rotmianto Mohamad

    2018-01-01

    Full Text Available Dewey Decimal Classification is a most popular classification system in the world because of its completeness and most up-to-date. There are many optional number in this classification system, although it rarely to be discussed even it is important to known well about that optional number, especially for a librarian as classifier. This paper is a literature study about Dewey Decimal Classification Edition 23, to describe about optional numbers, particularly the number in relationship with Indonesia’s subject and discipline. This paper is to avoid misunderstanding in interpreted about optional number among librarians, especially for who that does not understand well about optional numbers.

  18. ATR Spent Fuel Options Study

    International Nuclear Information System (INIS)

    Connolly, Michael James; Bean, Thomas E.; Brower, Jeffrey O.; Luke, Dale E.; Patterson, M. W.; Robb, Alan K.; Sindelar, Robert; Smith, Rebecca E.; Tonc, Vincent F.; Tripp, Julia L.; Winston, Philip L.

    2017-01-01

    The Advanced Test Reactor (ATR) is a materials and fuels test nuclear reactor that performs irradiation services for the U.S. Department of Energy (DOE) Office of Nuclear Energy (NE), Naval Reactors, the National Nuclear Security Administration (NNSA), and other research programs. ATR achieved initial criticality in 1967 and is expected to operate in support of needed missions until the year 2050 or beyond. It is anticipated that ATR will generate approximately 105 spent nuclear fuel (SNF) elements per year through the year 2050. Idaho National Laboratory (INL) currently stores 2,008 ATR SNF elements in dry storage, 976 in wet storage, and expects to have 1,000 elements in wet storage before January 2017. A capability gap exists at INL for long-term (greater than the year 2050) management, in compliance with the Idaho Settlement Agreement (ISA), of ATR SNF until a monitored retrievable geological repository is open. INL has significant wet and dry storage capabilities that are owned by the DOE Office of Environmental Management (EM) and operated and managed by Fluor Idaho, which include the Idaho Nuclear Technology and Engineering Center's (INTEC's) CPP-666, CPP-749, and CPP-603. In addition, INL has other capabilities owned by DOE-NE and operated and managed by Battelle Energy Alliance, LLC (BEA), which are located at the Materials and Fuel Complex (MFC). Additional storage capabilities are located on the INL Site at the Naval Reactors Facility (NRF). Current INL SNF management planning, as defined in the Fluor Idaho contract, shows INTEC dry fuel storage, which is currently used for ATR SNF, will be nearly full after transfer of an additional 1,000 ATR SNF from wet storage. DOE-NE tasked BEA with identifying and analyzing options that have the potential to fulfill this capability gap. BEA assembled a team comprised of SNF management experts from Fluor Idaho, Savannah River Site (SRS), INL/BEA, and the MITRE Corp with an objective of developing and analyzing

  19. ATR Spent Fuel Options Study

    Energy Technology Data Exchange (ETDEWEB)

    Connolly, Michael James [Idaho National Lab. (INL), Idaho Falls, ID (United States); Bean, Thomas E. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Brower, Jeffrey O. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Luke, Dale E. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Patterson, M. W. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Robb, Alan K. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Sindelar, Robert [Idaho National Lab. (INL), Idaho Falls, ID (United States); Smith, Rebecca E. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Tonc, Vincent F. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Tripp, Julia L. [Idaho National Lab. (INL), Idaho Falls, ID (United States); Winston, Philip L. [Idaho National Lab. (INL), Idaho Falls, ID (United States)

    2017-01-01

    The Advanced Test Reactor (ATR) is a materials and fuels test nuclear reactor that performs irradiation services for the U.S. Department of Energy (DOE) Office of Nuclear Energy (NE), Naval Reactors, the National Nuclear Security Administration (NNSA), and other research programs. ATR achieved initial criticality in 1967 and is expected to operate in support of needed missions until the year 2050 or beyond. It is anticipated that ATR will generate approximately 105 spent nuclear fuel (SNF) elements per year through the year 2050. Idaho National Laboratory (INL) currently stores 2,008 ATR SNF elements in dry storage, 976 in wet storage, and expects to have 1,000 elements in wet storage before January 2017. A capability gap exists at INL for long-term (greater than the year 2050) management, in compliance with the Idaho Settlement Agreement (ISA), of ATR SNF until a monitored retrievable geological repository is open. INL has significant wet and dry storage capabilities that are owned by the DOE Office of Environmental Management (EM) and operated and managed by Fluor Idaho, which include the Idaho Nuclear Technology and Engineering Center’s (INTEC’s) CPP-666, CPP-749, and CPP-603. In addition, INL has other capabilities owned by DOE-NE and operated and managed by Battelle Energy Alliance, LLC (BEA), which are located at the Materials and Fuel Complex (MFC). Additional storage capabilities are located on the INL Site at the Naval Reactors Facility (NRF). Current INL SNF management planning, as defined in the Fluor Idaho contract, shows INTEC dry fuel storage, which is currently used for ATR SNF, will be nearly full after transfer of an additional 1,000 ATR SNF from wet storage. DOE-NE tasked BEA with identifying and analyzing options that have the potential to fulfill this capability gap. BEA assembled a team comprised of SNF management experts from Fluor Idaho, Savannah River Site (SRS), INL/BEA, and the MITRE Corp with an objective of developing and analyzing

  20. Expanding policy options for educating teenagers.

    Science.gov (United States)

    Stern, David

    2009-01-01

    David Stern argues that some basic features of the American high school must be modified if it is to serve all students successfully. He notes, for example, that only three-quarters of U.S. high school students graduate four years after beginning ninth grade and that the National Assessment of Educational Progress found no improvement in reading or mathematics for seventeen-year-olds between 1971 and 2004. The nation's system for educating teenagers, says Stern, seems to be stuck, despite the constant efforts of teachers and repeated waves of reform. Citing two widely accepted public purposes of educating teenagers-preparation for civic participation and for economic self-sufficiency-Stern proposes four new strategies to achieve those goals. He draws on empirical evidence suggesting that these are promising directions for research and policy, but acknowledges that existing studies provide only limited guidance. First, he says, schools should continue the current trend toward integrating educational options to provide young people with skills and experiences that pave the way to both college and careers. Second, states and districts should tie education funding not simply to the number of students attending school, but also to what young people learn, whether they graduate, and whether they find jobs or enroll in postsecondary education. Such a move, he argues, would encourage teaching and learning formats that use students' time more effectively. Third, more adults in addition to classroom teachers should be involved in educating teenagers. Other adults acting as academic advisers, learning coaches, student advocates, internship supervisors, mentors, and college counselors could help guide the education of teenagers inside and outside of school and provide some relief for the chronic shortage of teachers. Fourth, schools should expand the options for educating teenagers outside of geographically fixed schools. Combining improved Internet-based curriculum with

  1. Redesigned purification yields a fully functional PutA protein dimer from Escherichia coli.

    Science.gov (United States)

    Brown, E D; Wood, J M

    1992-06-25

    Proline utilization by Escherichia coli and Salmonella typhimurium requires expression of genes putP (encoding a proline transporter) and putA. Genetic data indicate that the PutA protein is both put repressor and a respiratory chain-linked dehydrogenase. We report a redesigned purification procedure as well as the physical characteristics and biological activities of the PutA protein purified from E. coli. The purified protein was homogeneous as determined by electrophoresis performed under denaturing and nondenaturing conditions. Its N-terminal sequence corresponded to that predicted by the DNA sequence. We showed copurification of proline and delta 1-pyrroline-5-carboxylate dehydrogenase activities. Purified PutA protein bound put DNA in vitro in an electrophoretic band-shift assay and it could be reconstituted to inverted membrane vesicles, yielding proline dehydrogenase activity. The Stokes radius and Svedberg coefficient of the protein were determined to be 7.1 nm and 9.9 S, respectively. These hydrodynamic data revealed that the protein in our preparation was dimeric with a molecular mass of 293 kDa and that it had an irregular shape indicated by the friction factor (f/f0) of 1.6.

  2. Heterogeneous Beliefs, Public Information, and Option Markets

    DEFF Research Database (Denmark)

    Qin, Zhenjiang

    In an incomplete market setting with heterogeneous prior beliefs, I show that public information and strike price of option have substantial infl‡uence on asset pricing in option markets, by investigating an absolute option pricing model with negative exponential utility investors and normally...... distributed dividend. I demonstrate that heterogeneous prior variances give rise to the economic value of option markets. Investors speculate in option market and public information improves allocational efficiency of markets only when there is heterogeneity in prior variance. Heterogeneity in mean is neither...... a necessary nor sufficient condition for generating speculations in option markets. With heterogeneous beliefs, options are non-redundant assets which can facilitate side-betting and enable investors to take advantage of the disagreements and the differences in con…dence. This fact leads to a higher growth...

  3. Forecasting with Option-Implied Information

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Jacobs, Kris; Chang, Bo Young

    2013-01-01

    This chapter surveys the methods available for extracting information from option prices that can be used in forecasting. We consider option-implied volatilities, skewness, kurtosis, and densities. More generally, we discuss how any forecasting object that is a twice differentiable function...... of the future realization of the underlying risky asset price can utilize option-implied information in a well-defined manner. Going beyond the univariate option-implied density, we also consider results on option-implied covariance, correlation and beta forecasting, as well as the use of option......-implied information in cross-sectional forecasting of equity returns. We discuss how option-implied information can be adjusted for risk premia to remove biases in forecasting regressions....

  4. 30 CFR 90.3 - Part 90 option; notice of eligibility; exercise of option.

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 1 2010-07-01 2010-07-01 false Part 90 option; notice of eligibility; exercise of option. 90.3 Section 90.3 Mineral Resources MINE SAFETY AND HEALTH ADMINISTRATION, DEPARTMENT OF... DEVELOPMENT OF PNEUMOCONIOSIS General § 90.3 Part 90 option; notice of eligibility; exercise of option. (a...

  5. Medical Student Interest in Flexible Residency Training Options.

    Science.gov (United States)

    Piotrowski, Madison; Stulberg, Debra; Egan, Mari

    2018-05-01

    Medical residents continue to experience high rates of burnout during residency training even after implementation of the 2003 Accreditation Council for Graduate Medical Education duty-hour restrictions. The purpose of this study is to determine medical student interest in flexible residency training options. Researchers developed an 11-question survey for second through fourth-year medical students. The populations surveyed included medical students who were: (1) attending the 2015 American Academy of Family Physicians National Conference, the 2015 Family Medicine Midwest Conference, and (2) enrolled at University of Chicago Pritzker School of Medicine, University of Illinois College of Medicine at Chicago, Drexel University College of Medicine, and Case Western Reserve University School of Medicine. The survey was completed by 789 medical students. Over half of medical students surveyed indicated that they would be interested in working part-time during some portion of their residency training (51%), and that access to part-time training options would increase their likelihood of applying to a particular residency program (52%). When given the option of three residency training schedules of varying lengths, 41% of male students and 60% of female students chose a 60-hour workweek, even when that meant extending the residency length by 33% and reducing their yearly salary to $39,000. There is considerable interest among medical students in access to part-time residency training options and reduced-hour residency programs. This level of interest indicates that offering flexible training options could be an effective recruitment tool for residency programs and could improve students' perception of their work-life balance during residency.

  6. Dopamine Modulates Option Generation for Behavior.

    Science.gov (United States)

    Ang, Yuen-Siang; Manohar, Sanjay; Plant, Olivia; Kienast, Annika; Le Heron, Campbell; Muhammed, Kinan; Hu, Michele; Husain, Masud

    2018-05-21

    Animals make innumerable decisions every day, each of which involves evaluating potential options for action. But how are options generated? Although much is now known about decision making when a fixed set of potential options is provided, surprisingly little progress has been made on self-generated options. Some researchers have proposed that such abilities might be modulated by dopamine. Here, we used a new measure of option generation that is quantitative, objective, and culture fair to investigate how humans generate different behavioral options. Participants were asked to draw as many different paths (options) as they could between two points within a fixed time. Healthy individuals (n = 96) exhibited a trade-off between uniqueness (how individually different their options were) and fluency (number of options), generating either many similar or few unique options. To assess influence of dopamine, we first examined patients with Parkinson's disease (n = 35) ON and OFF their dopaminergic medication and compared them to elderly healthy controls (n = 34). Then we conducted a double-blind, placebo-controlled crossover study of the D2 agonist cabergoline in healthy older people (n = 29). Across both studies, dopamine increased fluency but diminished overall uniqueness of options generated, due to the effect of fluency trading off with uniqueness. Crucially, however, when this trade-off was corrected for, dopamine was found to increase uniqueness for any given fluency. Three carefully designed control studies showed that performance on our option-generation task was not related to executing movements, planning actions, or selecting between generated options. These findings show that dopamine plays an important role in modulating option generation. Copyright © 2018 The Author(s). Published by Elsevier Ltd.. All rights reserved.

  7. Moderator Configuration Options for ESS

    DEFF Research Database (Denmark)

    Zanini, L.; Batkov, K.; Klinkby, Esben Bryndt

    2016-01-01

    The current, still evolving status of the design and the optimization work for the moderator configuration for the European Spallation Source is described. The moderator design has been strongly driven by the low-dimensional moderator concept recently proposed for use in spallation neutron sources...... or reactors. Quasi-two dimensional, disc- or tube-shaped moderators,can provide strong brightness increase (factor of 3 or more) with respect to volume para-H2moderators, which constitute the reference, state-of-the-art technology for high-intensity coupled moderators. In the design process other, more...... conventional, principles were also considered,such as the importance of moderator positioning, of the premoderator, and beam extraction considerations. Different design and configuration options are evaluated and compared with the reference volume moderator configuration described in the ESS Technical Design...

  8. Regional transport sector mitigation options

    Energy Technology Data Exchange (ETDEWEB)

    Zhou, Peter [EECG Consultants, Gaborone (Botswana)

    1998-10-01

    The rationale for conducting climate change mitigation studies in the transport sector is on the premise that: The transport sector is the second largest consumer of fossil fuels in the region; The regional transport sector is an area with high opportunity for infrastructural development under UNFCCC financial mechanism; The regional transport sector is crucial in the SADC region for trade and coupled with the Trade Protocol will play a major role in development hence the need to make it efficient in terms of energy demand and provision of services; The sector offers many mitigation options but with a challenge to evaluate their energy saving and GHG saving potential and yet there is need to quantify possible emission reduction for possible future emission trading. This is also a sector with potential to qualify for financing through Clean Development Mechanism (CDM) recently stipulated in the Kyoto Protocol. (au)

  9. Are biofuels a feasible option?

    International Nuclear Information System (INIS)

    Goldemberg, Jose; Guardabassi, Patricia

    2009-01-01

    Recently a number of objections have been raised against the use of ethanol produced from agricultural products such as maize, sugarcane, wheat or sugar beets as a replacement for gasoline, despite some of their advantages such as being cleaner and to some extent renewable. We address these objections in this paper. Topics discussed include the 'corn connection' (which was theorized to be a cause of deforestation in the Amazonia), the rise of food prices due to ethanol production and the real possibilities of ethanol in reducing greenhouse gas emissions. It has been shown that such concerns are grossly exaggerated and that ethanol from sugarcane, as produced in Brazil, is the preferred option for the production of fuel not only in terms of cost but also as a favourable energy balance. Finally, the possibility of expanding ethanol production to other sugar-producing countries is also discussed

  10. Fusion as an energy option

    International Nuclear Information System (INIS)

    Steiner, D.

    1976-01-01

    The environmental issues, alternative fusion fuels, the economic potential, and the time scale of fusion power are assessed. It is common for the advocate of a long-term energy source to claim his source (fission, fusion, solar, etc.) as the ultimate solution to man's energy needs. The author does not believe that such a stance will lead to a rational energy policy. Dr. Steiner encourages a long-term energy policy that has as its goal the development of fission breeders, fusion, and solar energy--not be totally reliant on a single source. He does advocate vigorous funding for fusion, not because it is a guarantee for ''clean, limitless, and cheap power,'' but because it may provide an important energy option for the next century

  11. Therapeutic options for lip augmentation.

    Science.gov (United States)

    Segall, Lorne; Ellis, David A F

    2007-11-01

    Aesthetic ideals vary with emerging fashion trends and within different cultures. However, over the past few decades, fuller lips have been considered a desirable trait. Many younger patients are presenting for lip augmentation to achieve the sought-after look commonly seen in many fashion magazines. In addition, as individuals age, they lose lip volume, with a thinning of the red lip, some effacement of the vermillion border, and elongation and flattening of the white portion of the lip. Rejuvenation of the lips plays a key role in restoring a more youthful appearance. As a result, lip augmentation appeals to a wide spectrum of patients who present with various different aesthetic goals and expectations. Numerous therapeutic options exist for aesthetic lip augmentation, ranging from temporary and permanent injectable fillers to implants and other surgical techniques.

  12. Regional transport sector mitigation options

    International Nuclear Information System (INIS)

    Zhou, Peter

    1998-01-01

    The rationale for conducting climate change mitigation studies in the transport sector is on the premise that: The transport sector is the second largest consumer of fossil fuels in the region; The regional transport sector is an area with high opportunity for infrastructural development under UNFCCC financial mechanism; The regional transport sector is crucial in the SADC region for trade and coupled with the Trade Protocol will play a major role in development hence the need to make it efficient in terms of energy demand and provision of services; The sector offers many mitigation options but with a challenge to evaluate their energy saving and GHG saving potential and yet there is need to quantify possible emission reduction for possible future emission trading. This is also a sector with potential to qualify for financing through Clean Development Mechanism (CDM) recently stipulated in the Kyoto Protocol. (au)

  13. The option to expand a project: its assessment with the binomial options pricing model

    Directory of Open Access Journals (Sweden)

    Salvador Cruz Rambaud

    Full Text Available Traditional methods of investment appraisal, like the Net Present Value, are not able to include the value of the operational flexibility of the project. In this paper, real options, and more specifically the option to expand, are assumed to be included in the project information in addition to the expected cash flows. Thus, to calculate the total value of the project, we are going to apply the methodology of the Net Present Value to the different scenarios derived from the existence of the real option to expand. Taking into account the analogy between real and financial options, the value of including an option to expand is explored by using the binomial options pricing model. In this way, estimating the value of the option to expand is a tool which facilitates the control of the uncertainty element implicit in the project. Keywords: Real options, Option to expand, Binomial options pricing model, Investment project appraisal

  14. Strategic Options Development and Analysis

    Science.gov (United States)

    Ackermann, Fran; Eden, Colin

    Strategic Options Development and Analysis (SODA) enables a group or individual to construct a graphical representation of a problematic situation, and thus explore options and their ramifications with respect to a complex system of goals or objectives. In addition the method aims to help groups arrive at a negotiated agreement about how to act to resolve the situation. It is based upon the use of causal mapping - a formally constructed means-ends network - as representation form. Because the picture has been constructed using the natural language of the problem owners it becomes a model of the situation that is ‘owned' by those who define the problem. The use of formalities for the construction of the model makes it amenable to a range of analyses as well as encouraging reflection and a deeper understanding. These analyses can be used in a ‘rough and ready' manner by visual inspection or through the use of specialist causal mapping software (Decision Explorer). Each of the analyses helps a group or individual discover important features of the problem situation, and these features facilitate agreeing agood solution. The SODA process is aimed at helping a group learn about the situation they face before they reach agreements. Most significantly the exploration through the causal map leads to a higher probability of more creative solutions and promotes solutions that are more likely to be implemented because the problem construction process is wider and more likely to include richer social dimensions about the blockages to action and organizational change. The basic theories that inform SODA derive from cognitive psychology and social negotiation, where the model acts as a continuously changing representation of the problematic situation - changing as the views of a person or group shift through learning and exploration. This chapter, jointly written by two leading practitioner academics and the original developers of SODA, Colin Eden and Fran Ackermann

  15. Disc degeneration: current surgical options

    Directory of Open Access Journals (Sweden)

    C Schizas

    2010-10-01

    Full Text Available Chronic low back pain attributed to lumbar disc degeneration poses a serious challenge to physicians. Surgery may be indicated in selected cases following failure of appropriate conservative treatment. For decades, the only surgical option has been spinal fusion, but its results have been inconsistent. Some prospective trials show superiority over usual conservative measures while others fail to demonstrate its advantages. In an effort to improve results of fusion and to decrease the incidence of adjacent segment degeneration, total disc replacement techniques have been introduced and studied extensively. Short-term results have shown superiority over some fusion techniques. Mid-term results however tend to show that this approach yields results equivalent to those of spinal fusion. Nucleus replacement has gained some popularity initially, but evidence on its efficacy is scarce. Dynamic stabilisation, a technique involving less rigid implants than in spinal fusion and performed without the need for bone grafting, represents another surgical option. Evidence again is lacking on its superiority over other surgical strategies and conservative measures. Insertion of interspinous devices posteriorly, aiming at redistributing loads and relieving pain, has been used as an adjunct to disc removal surgery for disc herniation. To date however, there is no clear evidence on their efficacy. Minimally invasive intradiscal thermocoagulation techniques have also been tried, but evidence of their effectiveness is questioned. Surgery using novel biological solutions may be the future of discogenic pain treatment. Collaboration between clinicians and basic scientists in this multidisciplinary field will undoubtedly shape the future of treating symptomatic disc degeneration.

  16. Dynamique jointe stock/option et application aux stratégies de trading sur options

    OpenAIRE

    El Aoud , Sofiene

    2015-01-01

    This thesis explores theoretically and empirically the implications of the stock/option joint dynamics on applications related to option trading. In the first part of the thesis, we look into the relations between stock options and index options under the risk-neutral measure. The Capital Asset Pricing Model offers an adequate mathematical framework for this study as it provides a modeling approach for the joint dynamics between the stock and the index. As we compute option prices according t...

  17. Self-objectification and depressive symptoms: does their association vary among Asian American and White American men and women?

    Science.gov (United States)

    Grabe, Shelly; Jackson, Benita

    2009-03-01

    Objectification Theory (Fredrickson & Roberts, 1997) posits that viewing one's body as an object - i.e., self-objectification - increases depressive symptomatology. Though a handful of studies to date have found self-objectification and depressive symptoms correlated among White American women, few studies have examined whether this finding generalizes to other social groups. We examine whether self-objectification and depressive symptoms are associated among Asian Americans and White Americans in a college sample of women and men (N=169). Self-objectification and depressive symptoms were positively associated among White American women but not among White American men or Asian American men or women. These data suggest the parameters of Objectification Theory are circumscribed by both race/ethnicity and gender and self-objectification may put White women, in particular, at risk for depressive symptoms.

  18. AMERICAN EXCEPTIONALISM

    Directory of Open Access Journals (Sweden)

    Oana-Andreea Pirnuta

    2017-11-01

    Full Text Available In an interconnected world where foreign relations matter not only for resources or military alliances but also for cultural relationships, it is highly important to have a better understanding of the power relations among nations. The information carries certain meanings that have important outcomes thus defining the power of a given nation. Foreign policy is the channel through which global politics is exercised. International politics is a hierarchy of power being determined by important cultural, economic as well as geographical aspects. The reasons and strategies that are used in order to reach the outcomes in global politics represent the focus of the present paper. The United States has been the leader in international politics since the early 20th century due to its vast resources and wealth as well as its cultural output. America’s interest in preserving a democratic and free world has its foundation in the beliefs and values it stands for the aim of this paper is to question whether or not there is a concrete premise for the idea of American exceptionalism.

  19. Ukraine's non-nuclear option

    International Nuclear Information System (INIS)

    Batiouk, V.

    1992-01-01

    It seems that only yesterday the dilemma confronting our world was not that of war or peace but rather of life or death for mankind, the reason being mainly the prospect of mass annihilation which became increasingly vivid with each and every new explosive nuclear device added to the already existing enormous stockpiles of warheads of mass annihilation. Against this gloomy background of a despairingly reckless arms race, the long-awaited signs began to appear. First the United States and the Soviet Union found it possible to initiate the process by cutting into their immeasurable nuclear arsenals, then Ukraine declared its intention to become non-nuclear by the end of 1994. All the newly independent States, of the former Soviet Union, except Russia, also agreed to renounce possession of nuclear arms. The declarations were put into effect and the most recent specific action was the removal by 6 may 1992 of all short-range nuclear weapons from Ukrainian territory to Russian soil with a view to their ultimate dismantlement. The signature on 23 May 1992 in Lisbon by four ex-Soviet States (Belarus, Kazakhstan, Russia and Ukraine) and the United States of a Protocol to the 1991 Treaty on the Reduction of Strategic Offensive Weapons (START), significantly lowered the risk of nuclear war. By this accord Belarus, Kazakhstan and Ukraine agreed to destroy or turn over to Russia all strategic nuclear warheads and to accede ''in the shortest possible time to the 1968 Nuclear Non-proliferation Treaty''. In early May, Ukraine proposed to remove all nuclear weapons from the Black Sea and make it a zone of peace

  20. IMPROVING THE STUDENTS’ EFL WRITING ABILITY THROUGH “PUT YOURSELF IN THE PICTURE” STRATEGY

    Directory of Open Access Journals (Sweden)

    Muhammad Lukman Syafii

    2015-09-01

    Full Text Available Abstract: This Action research was intended to improve the students’ EFL writing ability through “Put Yourself in the Picture” strategy. This research involved 33 first year managemen major of students A of Muhammadiyah University of Ponorogo in the academic year 2015/2016. This research was conducted in two cycles by following the procedures of the action research, namely, planning, implementing, observing, and reflecting. Each cycle of the research encompassed three meetings. The data of the research were gathered through observation checklists, field notes, questionnaire, and portfolio. The findings of research showed that “Put Yourself in the Picture” strategy has proven effectively to improve the student’ writing ability. The improvement could be seen from the increase of the students’ average writing score. Besides, “Put Yourself in the Picture” strategy can increase the students’ participation during the process of writing. Key words: “Put Yourself in the Picture” strategy, writing ability

  1. Use of Bayesian Estimates to determine the Volatility Parameter Input in the Black-Scholes and Binomial Option Pricing Models

    Directory of Open Access Journals (Sweden)

    Shu Wing Ho

    2011-12-01

    Full Text Available The valuation of options and many other derivative instruments requires an estimation of exante or forward looking volatility. This paper adopts a Bayesian approach to estimate stock price volatility. We find evidence that overall Bayesian volatility estimates more closely approximate the implied volatility of stocks derived from traded call and put options prices compared to historical volatility estimates sourced from IVolatility.com (“IVolatility”. Our evidence suggests use of the Bayesian approach to estimate volatility can provide a more accurate measure of ex-ante stock price volatility and will be useful in the pricing of derivative securities where the implied stock price volatility cannot be observed.

  2. Management options for food production systems affected by a nuclear accident. Task 5: disposal of waste milk to sea

    International Nuclear Information System (INIS)

    Wilkins, B.; Woodman, R.; Nisbet, A.; Mansfield, P.

    2001-11-01

    In emergency exercises, discharge to sea is often put forward as a disposal option for waste milk, the intention being to use the outfalls for coolant water or liquid effluent at nuclear installations. However, so far the legislative constraints and the practical and scientific limitations of this option have not been fully considered. This report sets out the current legal position and evaluates the practicability of transporting milk from an affected farm to a suitable coastal facility for disposal. The effect of discharging milk into coastal water bodies has also been considered, bearing in mind that after a serious accident disposals could continue for several weeks

  3. Does “Tiger Parenting” Exist? Parenting Profiles of Chinese Americans and Adolescent Developmental Outcomes

    OpenAIRE

    Kim, Su Yeong; Wang, Yijie; Orozco-Lapray, Diana; Shen, Yishan; Murtuza, Mohammed

    2012-01-01

    “Tiger parenting,” as described by Chua (2011), has put parenting in Asian American families in the spotlight. The current study identified parenting profiles in Chinese American families and explored their effects on adolescent adjustment. In a three-wave longitudinal design spanning eight years, from early adolescence to emerging adulthood, adolescents (54% female), fathers and mothers from 444 Chinese American families reported on eight parenting dimensions (e.g., warmth and shaming) and s...

  4. Asian/American Bodies in Extremis: Gendering Power, Pleasure, and Nation through "Spectacular" Excess

    OpenAIRE

    Knoll, Melissa Garcia

    2012-01-01

    As a cross-genre study, this project centralizes performances of physical excess, putting genre theory in conversation with Asian/American critical race discourses to articulate the specific knowledges produced by film, stand-up comedy, theatre, and sports. Considering figures such as Annabel Chong, Margaret Cho, and Manny Pacquiao from within the discourses of gender and nation, I investigate how the Asian/American body in extremis speaks and is spoken, and how Asian/American subjects use b...

  5. Enhancing the control of force in putting by video game training.

    Science.gov (United States)

    Fery, Y A; Ponserre, S

    2001-10-10

    Even if golf video games provide no proprioceptive afferences on actual putting movement, they may give sufficient substitutive visual cues to enhance force control in this skill. It was hypothesized that this usefulness requires, however, two conditions: the video game must provide reliable demonstrations of actual putts, and the user must want to use the game to make progress in actual putting. Accordingly, a video game was selected on the basis of its fidelity to the real-world game. It allowed two different methods of adjusting the virtual player's putting force in order to hole a putt: an analogue method that consisted of focusing on the virtual player's movement and a symbolic method that consisted of focusing on the movement of a gauge on a scale representing the virtual player's putting force. The participants had to use one of these methods with either the intention of making progress in actual putting or in a second condition to simply enjoy the game. Results showed a positive transfer of video playing to actual putting skill for the learning group and also, to a lesser degree, for the enjoyment group; but only when they used the symbolic method. Results are discussed in the context of how vision may convey force cues in sports video games.

  6. Pricing real estate index options under stochastic interest rates

    Science.gov (United States)

    Gong, Pu; Dai, Jun

    2017-08-01

    Real estate derivatives as new financial instruments are not merely risk management tools but also provide a novel way to gain exposure to real estate assets without buying or selling the physical assets. Although real estate derivatives market has exhibited a rapid development in recent years, the valuation challenge of real estate derivatives remains a great obstacle for further development in this market. In this paper, we derive a partial differential equation contingent on a real estate index in a stochastic interest rate environment and propose a modified finite difference method that adopts the non-uniform grids to solve this problem. Numerical results confirm the efficiency of the method and indicate that constant interest rate models lead to the mispricing of options and the effects of stochastic interest rates on option prices depend on whether the term structure of interest rates is rising or falling. Finally, we have investigated and compared the different effects of stochastic interest rates on European and American option prices.

  7. Restaurant challenge offers healthful meal options and builds diabetes awareness.

    Science.gov (United States)

    Blair, Angela M; Drass, Janice A; Stone, Marylou; Rhoades, Deborah; Baldwin, Susan A; Russ, Kelsey M

    2011-01-01

    The Frederick Restaurant Challenge is an innovative project based on a collaborative effort among community organizations and partners designed to offer delicious healthful meal options at local restaurants during the month of November for American Diabetes Month. Local restaurants were challenged to participate and submitted recipes for healthful meals to the Frederick County Diabetes Coalition for review by registered dietitians. Diners voted on meals to determine the challenge winner(s), and were eligible to win prizes as well. Publicity prior to and during the month was effective in creating positive news about healthful meals when eating out, raised awareness about diabetes, and provided restaurants with desirable advertising opportunities. Feedback from restaurants and diners was overwhelmingly positive. The purpose of this article is to describe this successful low-budget project to encourage its replication in local communities. The Frederick Restaurant Challenge proved to be a very successful, innovative, low-budget project that met its intended goals: to develop healthful meal options for people with diabetes (or for anyone wishing to eat healthier); to demonstrate that healthful food can taste delicious; and to encourage restaurants to continue offering healthful options on their menus beyond the challenge month. Community interventions such as the Frederick Restaurant Challenge offer unique and important strategies for affecting change and raising awareness not only for people with diabetes but also for the entire community.

  8. Reducing the Deficit: Spending and Revenue Options

    Science.gov (United States)

    2011-03-01

    Airports 109Option 22 Increase Fees for Aviation Security 110Option 23 Eliminate Intercity Rail Subsidies 111Option 24 Eliminate the Transit Starts...productivity. Charging users—such as drivers on highways, air travelers , users of waterways, and so forth—for services they receive from federal...can travel at high speed through the water from a ship to land. The Marine Corps regards the EFV as essential for the conduct of amphibi- ous warfare

  9. Buridan's Ass and a Menu of Options.

    OpenAIRE

    Svetlana Boyarchenko

    2005-01-01

    The goal of the paper is to study how a menu of options affects decisions of a rational agent facing uncertainty over future payoff streams. Using the real options approach, we demonstrate that multiple options not only increase the barrier which the underlying stochastic variable has to reach in order investment became optimal, but cause the investor to be inactive even when the cost of investment is vanishing. As a technical contribution, the paper suggests a robust method of solution of a ...

  10. Analysis of Nova 1 strategy formed by barrier options and its application in hedging against a price drop in oil market

    Directory of Open Access Journals (Sweden)

    Michal Šoltés

    2015-12-01

    Full Text Available This paper investigates hedging analysis against an underlying price drop by using the Nova 1 strategy formed by standard vanilla and barrier options. There are used European down and knock-in put options together with barrier call options. Derived income functions from the secured positions in analytical expressions are presented. Based on the theoretical results, the hedged portfolio is applied to SPDR SandP Oil and Gas Exploration and Production ETF. The proposed hedging variants are analysed and compared with the recommendation of the best possibilities for investors.

  11. Current treatment options for meningioma.

    Science.gov (United States)

    Apra, Caroline; Peyre, Matthieu; Kalamarides, Michel

    2018-03-01

    With an annual incidence of 5/100,000, meningioma is the most frequent primary tumor of the central nervous system. Risk factors are radiotherapy and hormone intake. Most meningiomas are grade I benign tumors, but up to 15% are atypical and 2% anaplastic according to the WHO 2016 histological criteria. Areas covered: This review details the current standard therapy based on international guidelines and recent literature, and describes new approaches developed to treat refractory cases. First-line treatments are observation and surgery, but adjuvant radiotherapy/radiosurgery is discussed for atypical and indicated for anaplastic meningiomas. The most problematic cases include skull base meningiomas that enclose vasculo-nervous structures and surgery- and radiation-refractory tumors that present with significant morbidity and mortality. The treatment of recurrent tumors is based on radiotherapy and repeated surgery. Systematic therapies are not effective in general but several clinical trials are ongoing. Expert commentary: Molecular characterization of the tumors, based on genetic mutations such as NF2, SMO, TERT, TRAF7, and on the methylation profile are developing, completing the histological classification and giving new insights into prognosis and treatment options.

  12. Methodology for ranking restoration options

    International Nuclear Information System (INIS)

    Hedemann Jensen, Per

    1999-04-01

    The work described in this report has been performed as a part of the RESTRAT Project FI4P-CT95-0021a (PL 950128) co-funded by the Nuclear Fission Safety Programme of the European Commission. The RESTRAT project has the overall objective of developing generic methodologies for ranking restoration techniques as a function of contamination and site characteristics. The project includes analyses of existing remediation methodologies and contaminated sites, and is structured in the following steps: characterisation of relevant contaminated sites; identification and characterisation of relevant restoration techniques; assessment of the radiological impact; development and application of a selection methodology for restoration options; formulation of generic conclusions and development of a manual. The project is intended to apply to situations in which sites with nuclear installations have been contaminated with radioactive materials as a result of the operation of these installations. The areas considered for remedial measures include contaminated land areas, rivers and sediments in rivers, lakes, and sea areas. Five contaminated European sites have been studied. Various remedial measures have been envisaged with respect to the optimisation of the protection of the populations being exposed to the radionuclides at the sites. Cost-benefit analysis and multi-attribute utility analysis have been applied for optimisation. Health, economic and social attributes have been included and weighting factors for the different attributes have been determined by the use of scaling constants. (au)

  13. Indirect reciprocity with optional interactions.

    Science.gov (United States)

    Ghang, Whan; Nowak, Martin A

    2015-01-21

    Indirect reciprocity is a mechanism for the evolution of cooperation that is relevant for prosocial behavior among humans. Indirect reciprocity means that my behavior towards you also depends on what you have done to others. Indirect reciprocity is associated with the evolution of social intelligence and human language. Most approaches to indirect reciprocity assume obligatory interactions, but here we explore optional interactions. In any one round a game between two players is offered. A cooperator accepts a game unless the reputation of the other player indicates a defector. For a game to take place, both players must accept. In a game between a cooperator and a defector, the reputation of the defector is revealed to all players with probability Q. After a sufficiently large number of rounds the identity of all defectors is known and cooperators are no longer exploited. The crucial condition for evolution of cooperation can be written as hQB>1, where h is the average number of rounds per person and B=(b/c)-1 specifies the benefit-to-cost ratio. We analyze both stochastic and deterministic evolutionary game dynamics. We study two extensions that deal with uncertainty: hesitation and malicious gossip. Copyright © 2014 Elsevier Ltd. All rights reserved.

  14. Disaggregated Futures and Options Commitments of Traders

    Data.gov (United States)

    Commodity Futures Trading Commission — The Disaggregated Futures and Options Commitments of Traders dataset provides a breakdown of each week's open interest for agriculture, energy, metals, lumber, and...

  15. Mental health policy: Options for South Africa

    Directory of Open Access Journals (Sweden)

    Y. G. Pillay

    1993-03-01

    Full Text Available This paper emphasizes the need for mental health professionals to become involved in developing mental health policies in South Africa. In particular, it examines three options that are currently the focus of attention with respect to national health options, i.e. a free market system, a national health service (NHS and a national health insurance system (NHIS. While the paper does not provide support for any one of these options it does attempt to investigate some of the implications of each option for the funding and delivery of mental health care.

  16. Numerical Algorithm for Delta of Asian Option

    Directory of Open Access Journals (Sweden)

    Boxiang Zhang

    2015-01-01

    Full Text Available We study the numerical solution of the Greeks of Asian options. In particular, we derive a close form solution of Δ of Asian geometric option and use this analytical form as a control to numerically calculate Δ of Asian arithmetic option, which is known to have no explicit close form solution. We implement our proposed numerical method and compare the standard error with other classical variance reduction methods. Our method provides an efficient solution to the hedging strategy with Asian options.

  17. Defining Quality in Cardiovascular Imaging: A Scientific Statement From the American Heart Association.

    Science.gov (United States)

    Shaw, Leslee J; Blankstein, Ron; Jacobs, Jill E; Leipsic, Jonathon A; Kwong, Raymond Y; Taqueti, Viviany R; Beanlands, Rob S B; Mieres, Jennifer H; Flamm, Scott D; Gerber, Thomas C; Spertus, John; Di Carli, Marcelo F

    2017-12-01

    The aims of the current statement are to refine the definition of quality in cardiovascular imaging and to propose novel methodological approaches to inform the demonstration of quality in imaging in future clinical trials and registries. We propose defining quality in cardiovascular imaging using an analytical framework put forth by the Institute of Medicine whereby quality was defined as testing being safe, effective, patient-centered, timely, equitable, and efficient. The implications of each of these components of quality health care are as essential for cardiovascular imaging as they are for other areas within health care. Our proposed statement may serve as the foundation for integrating these quality indicators into establishing designations of quality laboratory practices and developing standards for value-based payment reform for imaging services. We also include recommendations for future clinical research to fulfill quality aims within cardiovascular imaging, including clinical hypotheses of improving patient outcomes, the importance of health status as an end point, and deferred testing options. Future research should evolve to define novel methods optimized for the role of cardiovascular imaging for detecting disease and guiding treatment and to demonstrate the role of cardiovascular imaging in facilitating healthcare quality. © 2017 American Heart Association, Inc.

  18. The Probabilistic Efficiency Frontier: A Framework for Cost-Effectiveness Analysis in Germany Put into Practice for Hepatitis C Treatment Options.

    Science.gov (United States)

    Mühlbacher, Axel C; Sadler, Andrew

    2017-02-01

    The German Institute for Quality and Efficiency in Health Care (Institut für Qualität und Wirtschaftlichkeit im Gesundheitswesen) adapted the efficiency frontier (EF) approach to conform to statutory provisions on cost-effectiveness analysis of health technologies. EF serves as a framework for evaluating cost-effectiveness and indirectly for pricing and reimbursement decisions. To calculate an EF on the basis of single multidimensional benefit by taking patient preferences and uncertainty into account; to evaluate whether EF is useful to inform decision makers about cost-effectiveness of new therapies; and to find whether a treatment is efficient at given prices demonstrated through a case study on chronic hepatitis C. A single multidimensional benefit was calculated by linear additive aggregation of multiple patient-relevant end points. End points were identified and weighted by patients in a previous discrete-choice experiment (DCE). Aggregation of overall benefit was ascertained using preferences and clinical data. Monte-Carlo simulation was applied. Uncertainty was addressed by price acceptability curve (PAC) and net monetary benefit (NMB). The case study illustrates that progress in benefit and efficiency of hepatitis C virus treatments could be depicted very well with the EF. On the basis of cost, effect, and preference data, the latest generations of interferon-free treatments are shown to yield a positive NMB and be efficient at current prices. EF was implemented taking uncertainty into account. For the first time, a DCE was used with the EF. The study shows how DCEs in combination with EF, PAC, and NMB can contribute important information in the course of reimbursement and pricing decisions. Copyright © 2017 International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. All rights reserved.

  19. Obesity and African Americans

    Science.gov (United States)

    ... Data > Minority Population Profiles > Black/African American > Obesity Obesity and African Americans African American women have the ... youthonline . [Accessed 08/18/2017] HEALTH IMPACT OF OBESITY People who are overweight are more likely to ...

  20. Native Americans with Diabetes

    Science.gov (United States)

    ... Read the MMWR Science Clips Native Americans with Diabetes Better diabetes care can decrease kidney failure Language: ... between 1996 and 2013. Problem Kidney failure from diabetes was highest among Native Americans. Native Americans are ...

  1. Real Options in Capital Budgeting. Pricing the Option to Delay and the Option to Abandon a Project

    Directory of Open Access Journals (Sweden)

    Nicoleta Vintila

    2007-07-01

    Full Text Available Traditional discounted cash-flows method for assessing projects assumes that investment decision is an irreversible one, which is not correct. Managers can and must reconsider their initial decision as the new information arises during the project life. This is managerial flexibility and it creates strategic value for a project, only if management takes advantage of the opportunities associated with an analyzed project. Real options represent a new approach in capital budgeting, using the theory of pricing financial options for investments in real assets. In this paper, we emphasize the characteristics and valuation methodologies of real options. The objective in the last section is pricing the option to delay and the option to abandon a project in construction materials field.

  2. CANDU design options with detritiation

    International Nuclear Information System (INIS)

    Wren, D.J.; Hart, R.S.

    1997-01-01

    CANDU reactors include a number of auxiliary systems to manage the inventory, purification, clean-up and isotopic purity of the heavy water used in the moderator and heat transport system. These systems are designed and installed to treat the moderator and heat transport water in separate parallel systems. One of the reasons for this parallel approach to heavy water management is the tritium inventory in the heavy water. Different levels of tritium accumulate in the moderator and heat transport system during reactor operation, with the moderator water having a much higher tritium concentration. Strict separation of the high- tritium-concentration moderator water from the low-tritium-concentration heat transport system water is an integral component of the CANDU design and operating strategy to limit potential releases of tritium to the containment building atmosphere. AECL is developing a new cost-effective technology for the detritiation of heavy water based on the Combined Electrolysis and Catalytic Exchange (CECE) process. This detritiation technology has the potential to be integrated into the heavy water management systems of a CANDU reactor. On-line detritiation could be used to limit the concentration of tritium in the moderator and also to detritiate any water collected within the containment building from other sources. The availability of economic detritiation technology would provide a flexibility to redesign some of the auxiliary heavy water management systems. In particular, there is potential to eliminate some of the duplication in the current management systems and also reduce costs by reclassifying some reactor systems that would have lower maximum tritium concentrations. This paper discusses some of the advantages of detritiation and some of the conceptual design options that detritiation would provide. The goal would be to lower the overall reactor cost with detritiation, but it is premature to assess whether this goal can be achieved. (author)

  3. Analysis of international practice patterns regarding postvasectomy fertility options.

    Science.gov (United States)

    Blach, Ola; Shridharani, Anand N; Sandlow, Jay I

    2014-05-01

    To review the management of postvasectomy fertility options by urologists with vs without andrology fellowship and compare the features of practice in the USA vs UK. We conducted an audit of all American Urological Association-affiliated urologists regarding their practice in managing men requesting vasectomy reversal (VR). Standards of practice were assessed against 10 index parameters deemed, by 1 UK study, to reflect best practice. Fisher exact test was used to test the hypothesis that management of postvasectomy fertility options and practice of VR are no different when undertaken by urologists with vs without andrology training and no different in the USA vs UK. Three hundred twenty-five of 645 US respondents (50.4%) practiced VR vs 178 of 213 (83.6%) in the UK; only 11.9% in the US and 10% in the UK performed >25 and >15 (P <.0001) VR/year, respectively. Compared with the UK urologists the US urologists offered more detailed information on all fertility options and/or outcomes, used microsurgical techniques more often, but less frequently counseled couples together, and referred patients to specialist centers for in vitro fertilization with intracytoplasmic sperm injection (P <.0001-.05). Only 74 of the US and 61 of the UK urologists were fellowship-trained in andrology. Most non-fellowship-trained urologists, in both the countries, performed <5 VR/year and were, statistically, significantly less likely to counsel couples about all fertility options, be conversant in in vitro fertilization with intracytoplasmic sperm injection, provide individualized outcomes data, and use microsurgical techniques (P <.0001-.05). Significant differences exist in the standards of practice between both the US and UK urologists performing VR. Concordance with the indices of "best practice" improves with andrology training and increasing number of procedures performed. Copyright © 2014 Elsevier Inc. All rights reserved.

  4. A Positivity-Preserving Numerical Scheme for Nonlinear Option Pricing Models

    Directory of Open Access Journals (Sweden)

    Shengwu Zhou

    2012-01-01

    Full Text Available A positivity-preserving numerical method for nonlinear Black-Scholes models is developed in this paper. The numerical method is based on a nonstandard approximation of the second partial derivative. The scheme is not only unconditionally stable and positive, but also allows us to solve the discrete equation explicitly. Monotone properties are studied in order to avoid unwanted oscillations of the numerical solution. The numerical results for European put option and European butterfly spread are compared to the standard finite difference scheme. It turns out that the proposed scheme is efficient and reliable.

  5. A real options approach to biotechnology investment policy-the case of developing a Campylobacter vaccine to poultry.

    Science.gov (United States)

    Lund, Mogens; Jensen, Jørgen Dejgård

    2016-06-01

    The aim of the article is to identify and analyse public-private incentives for the development and marketing of new animal vaccines within a real options methodological framework, and to investigate how real options methodology can be utilized to support economic incentives for vaccine development in a cost-effective way. The development of a vaccine against Campylobacter jejuni in poultry is applied as a case study. Employing the real options methodology, the net present value of the vaccine R&D project becomes larger than a purely probabilistic expected present value throughout the different stages of the project - and the net present value becomes larger, when more types of real options are taken into consideration. The insight from the real options analysis reveals opportunities for new policies to promote the development of animal vaccines. One such approach might be to develop schemes combining stage-by-stage optimized subsidies in the individual development stages, with proper account taken of investors'/developers' economic incentives to proceed, sell or cancel the project in the respective stages. Another way of using the real options approach to support the development of desirable animal vaccines could be to issue put options for the vaccine candidate, enabling vaccine developers to hedge against the economic risk from market volatility. Copyright © 2016 Elsevier B.V. All rights reserved.

  6. Probabilistic Cash Flow-Based Optimal Investment Timing Using Two-Color Rainbow Options Valuation for Economic Sustainability Appraisement

    Directory of Open Access Journals (Sweden)

    Yonggu Kim

    2017-10-01

    Full Text Available This research determines the optimal investment timing using real options valuation to support decision-making for economic sustainability assessment. This paper illustrates an option pricing model using the Black-Scholes model applied to a case project to understand the model performance. Applicability of the project to the model requires two Monte Carlo simulations to satisfy a Markov process and a Wiener process. The position of project developers is not only the seller of products, but it is also the buyer of raw materials. Real options valuation can be influenced by the volatility of cash outflow, as well as the volatility of cash inflow. This study suggests two-color rainbow options valuation to overcome this issue, which is demonstrated for a steel plant project. The asymmetric results of the case study show that cash outflow (put option influences the value of the steel plant project more than cash inflow (call option does of which the discussion of the results is referred to a sensitivity analysis. The real options valuation method proposed in this study contributes to the literature on applying the new model, taking into consideration that investors maximize project profitability for economic sustainable development.

  7. 42 CFR 408.65 - Payment options.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 2 2010-10-01 2010-10-01 false Payment options. 408.65 Section 408.65 Public Health CENTERS FOR MEDICARE & MEDICAID SERVICES, DEPARTMENT OF HEALTH AND HUMAN SERVICES MEDICARE PROGRAM PREMIUMS FOR SUPPLEMENTARY MEDICAL INSURANCE Direct Remittance: Individual Payment § 408.65 Payment options...

  8. 34 CFR 300.110 - Program options.

    Science.gov (United States)

    2010-07-01

    ... 34 Education 2 2010-07-01 2010-07-01 false Program options. 300.110 Section 300.110 Education Regulations of the Offices of the Department of Education (Continued) OFFICE OF SPECIAL EDUCATION AND... DISABILITIES State Eligibility Other Fape Requirements § 300.110 Program options. The State must ensure that...

  9. Writing about Clients: Ethical Considerations and Options

    Science.gov (United States)

    Sperry, Len; Pies, Ronald

    2010-01-01

    Today, the decision to prepare clinical case material for publication is a decision that cannot be taken lightly. The decision involves reviewing ethical considerations and choosing among various options to safeguard client privacy. Such options include seeking the client's permission, disguising case material, and developing composite case…

  10. 32 CFR 571.5 - Enlistment options.

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 3 2010-07-01 2010-07-01 true Enlistment options. 571.5 Section 571.5 National Defense Department of Defense (Continued) DEPARTMENT OF THE ARMY PERSONNEL RECRUITING AND ENLISTMENTS Recruiting and Enlistment Eligibility § 571.5 Enlistment options. Personnel who enlist in the Regular Army...

  11. 49 CFR 190.209 - Response options.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 3 2010-10-01 2010-10-01 false Response options. 190.209 Section 190.209 Transportation Other Regulations Relating to Transportation (Continued) PIPELINE AND HAZARDOUS MATERIALS SAFETY... PROCEDURES Enforcement § 190.209 Response options. Within 30 days of receipt of a notice of probable...

  12. 23 CFR 500.104 - State option.

    Science.gov (United States)

    2010-04-01

    ... 23 Highways 1 2010-04-01 2010-04-01 false State option. 500.104 Section 500.104 Highways FEDERAL HIGHWAY ADMINISTRATION, DEPARTMENT OF TRANSPORTATION TRANSPORTATION INFRASTRUCTURE MANAGEMENT MANAGEMENT AND MONITORING SYSTEMS Management Systems § 500.104 State option. Except as specified in § 500.105 (a...

  13. 78 FR 38843 - Single Application Option

    Science.gov (United States)

    2013-06-28

    ... Application Option AGENCY: U.S. Copyright Office, Library of Congress. ACTION: Interim final rule. SUMMARY: The U.S. Copyright Office is amending its regulations on an interim basis in order to establish a new... an additional option for individual authors/claimants registering a single (one) work that is not a...

  14. Conservation and Development Options existing on Uluguru ...

    African Journals Online (AJOL)

    Effective management of projects on Uluguru Mountains requires that both development and conservation options are weighed and that opportunities and challenges are considered. This study identified various conservation and development options existing on Uluguru Mountains and assessed the perceptions of the local ...

  15. Index options : Pricing, implied densities and returns

    NARCIS (Netherlands)

    Boes, M.J.

    2006-01-01

    Chapter 2 gives an overview of the literature that is directly related to the topics studied in this thesis. In Chapter 3 the impact of overnight periods on option prices is examined by estimating an option pricing model that takes overnight closures of exchanges explicitly into account. Chapter 4

  16. New Commitment Options: Compatibility with Emissions Trading

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2006-07-01

    This paper considers different options for quantitative greenhouse gas emission commitments from the standpoint of their technical compatibility with emissions trading. These are dynamic targets, binding targets with price caps, non-binding targets, sector-wide targets/mechanisms, action targets, allowances and endowments, and long-term permits. This paper considers these options from the standpoint of their compatibility with emissions trading.

  17. Monte Carlo methods for pricing financial options

    Indian Academy of Sciences (India)

    R. Narasimhan (Krishtel eMaging) 1461 1996 Oct 15 13:05:22

    traded by financial institutions, fund managers and corporate treasurers in the over the counter market. Options can often be ..... (under which discounted security price processes are martingales). This corresponds to ..... However, it requires explicit knowledge of option prices at all states of the Markov process and hence is ...

  18. Flexible Work Options within the Organisational System

    Science.gov (United States)

    Albion, Majella J.; Chee, Munli

    2006-01-01

    The availability of flexible work options provides an opportunity for individuals to shape their careers in order to optimise their work and life goals. This study takes a systems theory approach to examine how the use of flexible work options influences relationships and interactions in the workplace. The "Flexible Work Options…

  19. TIAA-CREF Retirement Options and Considerations.

    Science.gov (United States)

    Bastable, C. W.; Brady, Gerald P.

    1979-01-01

    The various retirement income options available to TIAA-CREF participants and federal taxes on each option are explained. The importance of early planning for retirement income is stressed and it is suggested that assessment of future financial needs will indicate the most appropriate settlement mode for retirement. (SF)

  20. Essay on Option Pricing, Hedging and Calibration

    DEFF Research Database (Denmark)

    da Silva Ribeiro, André Manuel

    Quantitative finance is concerned about applying mathematics to financial markets.This thesis is a collection of essays that study different problems in this field: How efficient are option price approximations to calibrate a stochastic volatilitymodel? (Chapter 2) How different is the discretely...... of dynamics? (Chapter 5) How can we formulate a simple free-arbitrage model to price correlationswaps? (Chapter 6) A summary of the work presented in this thesis: Approximation Behooves Calibration In this paper we show that calibration based on an expansion approximation for option prices in the Heston...... stochastic volatility model gives stable, accurate, and fast results for S&P500-index option data over the period 2005 to 2009. Discretely Sampled Variance Options: A Stochastic Approximation Approach In this paper, we expand Drimus and Farkas (2012) framework to price variance options on discretely sampled...

  1. Margin Requirements and Equity Option Returns

    DEFF Research Database (Denmark)

    Hitzemann, Steffen; Hofmann, Michael; Uhrig-Homburg, Marliese

    In equity option markets, traders face margin requirements both for the options themselves and for hedging-related positions in the underlying stock market. We show that these requirements carry a significant margin premium in the cross-section of equity option returns. The sign of the margin...... premium depends on demand pressure: If end-users are on the long side of the market, option returns decrease with margins, while they increase otherwise. Our results are statistically and economically significant and robust to different margin specifications and various control variables. We explain our...... findings by a model of funding-constrained derivatives dealers that require compensation for satisfying end-users’ option demand....

  2. Margin Requirements and Equity Option Returns

    DEFF Research Database (Denmark)

    Hitzemann, Steffen; Hofmann, Michael; Uhrig-Homburg, Marliese

    In equity option markets, traders face margin requirements both for the options themselves and for hedging-related positions in the underlying stock market. We show that these requirements carry a significant "margin premium" in the cross-section of equity option returns. The sign of the margin...... premium depends on demand pressure: If end-users are on the long side of the market, option returns decrease with margins, while they increase otherwise. Our results are statistically and economically significant and robust to different margin specifications and various control variables. We explain our...... findings by a model of funding-constrained derivatives dealers that require compensation for satisfying end-users’ option demand....

  3. Option Panels in Pure-Jump Settings

    DEFF Research Database (Denmark)

    Andersen, Torben Gustav; Fusari, Nicola; Todorov, Viktor

    We develop parametric inference procedures for large panels of noisy option data in the setting where the underlying process is of pure-jump type, i.e., evolve only through a sequence of jumps. The panel consists of options written on the underlying asset with a (different) set of strikes...... specification for the risk-neutral asset return dynamics, the option prices are nonlinear functions of a time-invariant parameter vector and a time-varying latent state vector (or factors). Furthermore, no-arbitrage restrictions impose a direct link between some of the quantities that may be identified from...... the return and option data. These include the so-called jump activity index as well as the time-varying jump intensity. We propose penalized least squares estimation in which we minimize L_2 distance between observed and model-implied options and further penalize for the deviation of model-implied quantities...

  4. Proceedings of the Management options information seminar

    International Nuclear Information System (INIS)

    2002-01-01

    This seminar was held in order to provide an opportunity to participants to broaden their knowledge concerning the numerous management options that are available when dealing with emissions generated by the electric power sector. It also represented an opportunity to gather information with regard to a host of different options to support the Electricity Project Team. The presentations centred on topics such as assessment, design and development of management options for the emissions of the electric power industry in Alberta. The legal, economic, social and environmental aspects were considered by the speakers for the options, and the perspectives included experience gained from hands on projects and initiatives. The reasons underlying the selection of options were revealed and lessons learned examined. Of the 14 presentations and the closing remarks speech, two presentations were included in this database. refs., tabs., figs

  5. Observing Optional Number in DDC Edition 23

    Directory of Open Access Journals (Sweden)

    Mohamad Rotmianto

    2015-04-01

    Full Text Available Dewey Decimal Classification is a most popular classification system in the world because of its completeness and most up-to-date. There are many optional number in this classification system, although it rarely to be discussed even it is important to known well about that optional number, especially  for  a  librarian  as  classifier.  This  paper  is  a  literature  study  about  Dewey  Decimal Classification  Edition  23,  to  describe  about  optional  numbers,  particularly  the  number  in relationship with Indonesia’s subject and discipline. This paper is to avoid misunderstanding in interpreted about optional number among librarians, especially for who that does not understand well about optional numbers.

  6. Coal-Mine Liquidation as a Strategic Managerial Decision: a Decision-Making Model Based on the Options Approach / Likwidacja Kopalni Jako Strategiczna Decyzja Menedżerska: Model Decyzyjny Z Wykorzystaniem Podejścia Opcyjnego

    Science.gov (United States)

    Jewartowski, Tomasz; Mizerka, Jacek; Mróz, Cezary

    2015-09-01

    The aim of this paper is to determine the optimal time of coal mine liquidation given the necessity of bearing the costs of post-mining reclamation. In order to consider the volatility of parameters important for making a liquidation decision and the entrepreneur's flexibility in the decision-making process, the real options approach was applied. Mine liquidation, which is inextricably linked to post-mining reclamation, is examined as an American put option on the market value of continuing the mine's operation which plays the role of the underlying asset. In turn, the role of the exercise price is played by expenditures for mine liquidation and post-mining reclamation, which can be avoided if the decision to close the mine is taken before all the deposits are exhausted. The liquidation option is exercised when the value of liquidation and reclamation cost savings significantly exceeds the continuation value. Mine liquidation was additionally made conditional on the value of funds accumulated to finance post-mining reclamation. Artykuł dotyczy ustalenia optymalnego momentu likwidacji kopalni w związku z koniecznością ponoszenia kosztów rekultywacji gruntów pokopalnianych. W celu uwzględnienia zmienności wartości parametrów istotnych dla podjęcia decyzji o likwidacji oraz elastyczności w podejmowaniu decyzji przez przedsiębiorcę, wykorzystano podejście opcyjne. Likwidację kopalni, która jest nierozłącznie związana z rekultywacją terenów pokopalnianych, rozpatruje się jako amerykańską opcję sprzedaży (put) wystawioną na rynkową wartość kontynuacji działalności kopalni pełniącą rolę instrumentu bazowego. Z kolei rolę ceny wykonania odgrywają nakłady na likwidację kopalni i rekultywację terenów pokopalnianych, poniesienia których można uniknąć, gdy decyzja o wstrzymaniu eksploatacji zapadnie przed wyczerpaniem się złoża. Opcja likwidacji jest wykonywana, gdy kwota nakładów na likwidację i rekultywację znacz

  7. Evaluation of Cloud Computing Hidden Benefits by Using Real Options Analysis

    Directory of Open Access Journals (Sweden)

    Pavel Náplava

    2016-12-01

    Full Text Available Cloud computing technologies have brought new attributes to the IT world. One of them is a flexibility of IT resources. It enables effectively both to downsize and upsize the capacity of IT resources in real time. Requirements for IT size change defines business strategy and actual market state. IT costs are not stable but dynamic in this case. Standard investment valuation methods (both static and dynamic are not able to include the flexibility attribute to the evaluation of IT projects. This article describes the application of the Real Options Analysis method for the valuation of the cloud computing flexibility. The method compares costs of the on-premise and cloud computing solutions by combining put and call option valuation. Cloud computing providers can use the method as an advanced tool that explains hidden benefits of cloud computing. Unexperienced cloud computing customers can simulate the market behavior and better plan necessary IT investments.

  8. Pet insurance--essential option?

    Science.gov (United States)

    Stowe, J D

    2000-08-01

    As Hawn (2) says, "insurance is about risk and peace of mind." She reports that the American Humane Society supports pet insurance because companion animals are able to be treated for disease or accidents that are life-threatening where, otherwise, they would have been euthanized. For veterinarians, she suggests that pet insurance allows them to practice veterinary medicine "as if it were free." It is inevitable that pet insurance will grow as a recourse for veterinary fees. This may be a savior to some families whose budget is stretched to the limit at a critical moment in the health care of their cherished pet. We in the veterinary profession have an advantage over other professions. We have seen the good, the bad, and the ugly of insurance, as it applies to human health and dental care. If we work hand-in-hand with our own industries, collectively we may be able to develop a system that wins for everyone, with fees that allow practice to thrive and growth strategies that accommodate new treatment and diagnostic modalities, as well as consistent and exemplary customer service. The path ahead is always fraught with bumps and potholes. We can be a passive passenger and become a victim of the times or an active driver to steer the profession to a clearer route. Pet insurance is but one of the solutions for the profession; the others are a careful assessment of our fees--charging what we are worth, not what we think the client will pay; business management; customer service; leadership of our health care team; lifelong learning; and more efficient delivery systems. Let us stop being a victim, stop shooting ourselves in the professional foot, and seize the day!

  9. Putting to a bigger hole: Golf performance relates to perceived size

    Science.gov (United States)

    Witt, Jessica K.; Linkenauger, Sally A.; Bakdash, Jonathan Z.; Proffitt, Dennis R.

    2011-01-01

    When engaged in a skilled behaviour such as occurs in sports, people's perceptions relate optical information to their performance. In current research we demonstrate the effects of performance on size perception in golfers. We found golfers who played better judged the hole to be bigger than golfers who did not play as well (Study 1). In follow-up laboratory experiments, participants putted on a golf mat from a location near or far from the hole then judged the size of the hole. Participants who putted from the near location perceived the hole to be bigger than participants who putted from the far location. Our results demonstrate that perception is influenced by the perceiver's current ability to act effectively in the environment. PMID:18567258

  10. Obesity and Hispanic Americans

    Science.gov (United States)

    ... and Data > Minority Population Profiles > Hispanic/Latino > Obesity Obesity and Hispanic Americans Among Mexican American women, 77 percent are overweight ... inhqrdr/data/query At a Glace – Risk Factors: Obesity is a risk ... Americans Heart Disease – See Heart Disease and Hispanic Americans ...

  11. ACCOUNTING FOR OPTIONS AND ANALYSIS OF USE OF OPTION COMBINATION STRATEGIES

    Directory of Open Access Journals (Sweden)

    I. Derun

    2016-08-01

    Full Text Available The article deals with problems of accounting for options in Ukraine, namely: value expression of initial cost of options, their revaluation, accounting of premiums, financial assets and financial liabilities and variation margin. The paper offers ways of solution of these problems which based on harmonization with IAS 32, IAS 39, IFRS 7 and IFRS 9. The study considers option combination strategies (straddle, strangle, strap, strip and approaches of identification of possible financial results for investors which use these strategies. Examples of possible financial results are provided for buyers and sellers of options which use option combination strategies.

  12. Management options for recycling radioactive scrap metals

    Energy Technology Data Exchange (ETDEWEB)

    Dehmel, J.C.; MacKinney, J.; Bartlett, J.

    1997-02-01

    The feasibility and advantages of recycling radioactive scrap metals (RSM) have yet to be assessed, given the unique technical, regulatory, safety, and cost-benefit issues that have already been raised by a concerned recycling industry. As is known, this industry has been repeatedly involved with the accidental recycling of radioactive sources and, in some cases, with costly consequences. If recycling were deemed to be a viable option, it might have to be implemented with regulatory monitoring and controls. Its implementation may have to consider various and complex issues and address the requirements and concerns of distinctly different industries. There are three basic options for the recycling of such scraps. They are: (1) recycling through the existing network of metal-scrap dealers and brokers, (2) recycling directly and only with specific steelmills, or (3) recycling through regional processing centers. Under the first option, scrap dealers and brokers would receive material from RSM generators and determine at which steelmills such scraps would be recycled. For the second option, RSM generators would deal directly with selected steelmills under specific agreements. For the third option, generators would ship scraps only to regional centers for processing and shipment to participating steelmills. This paper addresses the potential advantages of each option, identifies the types of arrangements that would need to be secured among all parties, and attempts to assess the receptivity of the recycling industry to each option.

  13. Assessing the Option to Abandon an Investment Project by the Binomial Options Pricing Model

    Directory of Open Access Journals (Sweden)

    Salvador Cruz Rambaud

    2016-01-01

    Full Text Available Usually, traditional methods for investment project appraisal such as the net present value (hereinafter NPV do not incorporate in their values the operational flexibility offered by including a real option included in the project. In this paper, real options, and more specifically the option to abandon, are analysed as a complement to cash flow sequence which quantifies the project. In this way, by considering the existing analogy with financial options, a mathematical expression is derived by using the binomial options pricing model. This methodology provides the value of the option to abandon the project within one, two, and in general n periods. Therefore, this paper aims to be a useful tool in determining the value of the option to abandon according to its residual value, thus making easier the control of the uncertainty element within the project.

  14. Berg River Textiles - Cleaner Production Option Report

    DEFF Research Database (Denmark)

    Wenzel, Henrik; Schneider, Zsig

    schematics on the various wet treatment operations in the dyehouse, and water and energy balances were made to the extent data allowed. A number of options for saving water, energy and chemicals were identified. The potentials monetary savings and necessary investments were estimated, and a list of priority...... projects including milestone plans for their implementation was made. A saving potential of around 3 mill. R was identified with a pay-back period of around 0.2 years as average of the identified options. The company implemented a large number of the options right away....

  15. Cross-sectoral assessment of mitigation options

    DEFF Research Database (Denmark)

    Halsnæs, K.

    1997-01-01

    similarly been assessed in the country study for Zimbabwe, The options include in particular efficiency improvements in industrial plants and in the energy sector, A new methodological issue in the country study for Zimbabwe is the comparable assessment of greenhouse gas reductions options for multiple...... emission sources and gases. The paper reports the result of the integrated assessment of CO2 and CH4 reduction options for energy, agriculture, forestry and waste management for Zimbabwe, This leads up to a final discussion on methodological issues involved in cross-sectoral mitigation assessment. (C) 1997...

  16. Selection of appropriate greenhouse gas mitigation options

    Energy Technology Data Exchange (ETDEWEB)

    Ramanathan, R. [Indira Ghandi Institute of Development Research, Mumbai (India)

    1999-10-01

    Greenhouse gas mitigation options help in reducing greenhouse gas emissions so as to avoid the adverse environmental impacts due to global warming/climate change. They have different characteristics when evaluated using different criteria. For example, some options may be very cost effective, while some may have an additional advantage of reducing local pollution. Hence, selection of these options, for consideration by a national government or by a funding agency, has to incorporate multiple criteria. In this paper, some important criteria relevant to the selection are discussed, and a multi-criteria methodology is suggested for making appropriate selection. The methodology, called the Analytic Hierarchy Process, is described using two illustrations. (author)

  17. Illiquidity Premia in the Equity Options Market

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

    , including standard measures of illiquidity of the underlying stock, determinants of spreads, and a measure of net demand pressure. The positive illiquidity premium we find is consistent with existing evidence that market makers in the equity options market hold net long positions.......Illiquidity is well-known to be a significant determinant of stock and bond returns. We are the first to estimate illiquidity premia in equity option markets using effective spreads for a large cross-section of firms. The risk-adjusted return spread for illiquid over liquid options is 23 bps per...

  18. The Factor Structure in Equity Options

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

    2018-01-01

    Equity options display a strong factor structure. The first principal components of the equity volatility levels, skews, and term structures explain a substantial fraction of the crosssectional variation. Furthermore, these principal components are highly correlated with the S&P 500 index option...... volatility, skew, and term structure, respectively. We develop an equity option valuation model that captures this factor structure. The model predicts that firms with higher market betas have higher implied volatilities, steeper moneyness slopes, and a term structure that covaries more with the market...

  19. The Factor Structure in Equity Options

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

    Equity options display a strong factor structure. The first principal components of the equity volatility levels, skews, and term structures explain a substantial fraction of the cross-sectional variation. Furthermore, these principal components are highly correlated with the S&P500 index option...... volatility, skew, and term structure respectively. We develop an equity option valuation model that captures this factor structure. The model predicts that firms with higher market betas have higher implied volatilities, steeper moneyness slopes, and a term structure that co-varies more with the market...

  20. A numerical approach to the study of the perpetual case of Ameripean options

    Science.gov (United States)

    Kandilarov, J.

    2013-12-01

    A new numerical method for solving the perpetual case of Ameripean options is proposed. The Ameripean delayed exercise model analyzes a new class of option model with American and ParAsian features. The model is mathematically described by ultraparabolic and parabolic PDE's which are valid over different regions. The perpetual case leads to the parabolic-elliptic two-phase Stefan problem with free internal boundary. To deal with the obtained nonlinear problem an iterative numerical method is proposed. Numerical analysis are presented and discussed.